A GROUP of Credit Suisse bondholders representing billions of dollars in high-risk debt that was wiped out in the bank’s rescue takeover by rival UBS are suing Switzerland’s banking regulator, their lawyers said yesterday.
Swiss authorities required that 16 billion Swiss francs (RM79.5 billion) in so-called additional tier 1 (AT1) bonds be rendered worthless in the mega-merger of Switzerland’s two biggest banks, announced last month.