Credit Suisse shareholders to sue over UBS takeover

Recently, the largest Swiss bank UBS has acquired the troubled rival Credit Suisse for 3 billion Swiss francs or $3.4 billion. Credit Suisse’s shareholders are sure that the acquisition priced Credit Suisse shares at less than half their value on the final day of trading before the deal was concluded. The Swiss Investor Protection Association (SASV) filed a claim with Zurich’s commercial court on behalf of 500 Suisse’s individual investors, including former Credit Suisse employees. Notably, the latter received part of their remuneration in bank shares. SASV secretary Arik Reschke said that when some plaintiffs received Credit Suisse shares 15 years ago, they were worth more than 80 Swiss francs, but the deal with UBS only paid 0.76 Swiss francs each. Some former employees lost everything, despite their loyalty to Credit Suisse, which they had maintained for years, according to Reschke. Credit Suisse, one of Switzerland's largest and oldest banks, failed to withstand a collapse in its shares during the banking crisis after the Silicon Valley Bank crash. The Swiss bank first turned to the local financial regulator for a 50 billion Swiss francs ($54 billion) loan. However, the troubled bank later agreed to be merged with UBS.