(Reuters) – U.S. asset supervisor AllianceBernstein is ready to sue Switzerland for $225 million after UBS’s takeover of Credit score Suisse final yr led to $17 billion of belongings being worn out. the debt of the bankrupt financial institution, the Monetary Occasions reported on Tuesday.
AllianceBernstein is predicted to be added as a plaintiff in a case filed in January by legislation agency Quinn Emanuel Urquhart & Sullivan on behalf of Credit score Suisse bondholders, the report stated, citing folks conversant in the matter.
UBS and AllianceBernstein didn’t instantly reply to Reuters requests for remark.
Earlier this yr, a gaggle of Credit score Suisse bondholders holding $82 million of the bankrupt financial institution’s Extra Tier 1 (AT1) debt filed a lawsuit towards Switzerland in search of compensation.
Credit score Suisse collapsed in 2023 and was purchased by UBS in a rescue orchestrated by Swiss authorities. As a part of the deal, Swiss regulator FINMA wrote down about $17 billion of Credit score Suisse’s AT1, angering bondholders.
(Reporting by Angela Christy in Bangalore; Modifying by Varun HK)
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