Townhall | Credit Suisse AT1 Bondholder Group Action (Singapore)

Withers KhattarWong will be holding a Townhall at 4:00pm (Singapore time), on 20 February for bondholders of the Credit Suisse Additional Tier-1 bonds.

The Townhall will be a hybrid event. Please click on the button above to register your interest to participate in-person or on Zoom.

The in-person Townhall will be at the Withers KhattarWong office, located at 18 Cross St, #14-01, Singapore 048423.

Background

In March 2023, the Swiss government and authorities facilitated a merger between UBS and Credit Suisse, resulting in UBS acquiring Credit Suisse. In the process, the Swiss Financial Market Supervisory Authority ("FINMA") triggered a complete write-down of the Credit Suisse Additional Tier-1 bonds ("CS AT1 Bonds") worth almost US$17 billion. 

As a result, bondholders were left with nothing, while Credit Suisse shareholders retained some value. This action contradicted the usual creditor hierarchy where shareholders absorb the loss of a company first. The write-down sparked global controversy and legal challenges.

Some bondholders have commenced proceedings against FINMA and UBS in the Swiss Federal Administrative Court ("SFAC"). In October 2025, the SFAC handed down its decision in one of these proceedings. The SFAC determined that the write-down of the CS AT1 Bonds was unlawful. The SFAC decided, among other things, that the contractual conditions (ie. the "viability event" clause) were not satisfied to trigger the write-down, FINMA was not authorised to write-down the CS AT1 Bonds, and that FINMA's action violated principles of Swiss administrative law including the principles of legality and proportionality. 

FINMA and UBS are appealing that decision. The decision has raised hopes on the part of bondholders for successful recovery. 

We are acting on behalf of bondholders across Asia, including bondholders in Singapore.

Third-party funding with Omni Bridgeway

International law firm Withers is collaborating with Singapore firm Drew & Napier to form what is expected to become the single largest coordinated treaty-arbitration group brought by AT1 bondholders anywhere in the world, with leading litigation funder Omni Bridgeway funding the combined group.

For affected bondholders, this removes a significant barrier to participation. Claims can be pursued without the need for investors to fund legal costs upfront or assume adverse cost risk. Funding also enables claims to be prosecuted at scale, drawing on specialist legal, financial and regulatory expertise across jurisdictions.

From a broader perspective, the involvement of a global litigation funder signals an independent assessment that the claims are legally and economically viable. While funding is not an indicator of outcome, it reflects confidence in the underlying merits and the seriousness with which the claims are being pursued.

Please sign up for our Townhall to learn more about the proceedings against Switzerland on behalf of bondholders. 

For more details, please click here.