Possible legal action by some Credit Suisse AT1 bondholders discussed – law firm

LONDON, March 20 (Reuters) – A team of lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday.

Quinn Emanuel said they are in discussions with Credit Suisse AT1 bond holders representing a “significant percentage” of the total notional value the instruments.

Just over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a merger.

A call for bondholders is likely to be convened to take place on Wednesday, 22 March, Quinn Emanuel said.

Reporting by Chiara Elisei and Karin Strochecker; Editing by Dhara Ranasinghe

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