Credit Suisse AT1 Writedown Revoked in Partial Win for Investors

A Swiss court has breathed fresh life into a lawsuit filed by investors in Credit Suisse Group AG bonds seeking damages after their investments were wiped out when UBS Group AG rescued the bank in a government-brokered deal.

The complainants, some 3,000 investors, argued that that the March 2023 decree to write down 16.5 billion Swiss francs ($20.5 billion) of the additional-tier 1 bonds was unlawful and should be revoked, and the writedown be reversed.