Withers to commence proceedings against Switzerland on behalf of AT1 bondholders; funding discussions with Omni Bridgeway in advanced stages

Withers is acting for AT1 Bondholders impacted by the March 2023 write-down of Credit Suisse Additional Tier-1 (AT1) bonds, which resulted in significant losses for global investors. Withers is acting for investors across Asia, including in Hong Kong and Singapore.

Following the issuance of formal trigger letters on behalf of Singapore investors, the firm will shortly initiate investment treaty arbitration against Switzerland by issuing formal trigger letters on behalf of Hong Kong bondholders. The arbitration will be pursued under the applicable bilateral investment treaty, which safeguards foreign investors against unlawful expropriation and unfair treatment. 

As part of Withers’ specialist public international law team, the proceedings will be jointly led by Withers' partners, Dr Robert Kovacs out of London and Mr Pardeep Khosa out of Singapore.

Withers is in advanced discussions with Omni Bridgeway, a leading global legal finance provider, and is confident of finalising funding arrangements imminently to support the proceedings against Switzerland.

“Momentum is accelerating across Asia as we bring together contingents of Credit Suisse bondholders to pursue their treaty-based rights,” said Dr Robert Kovacs. “We have made substantial progress towards commencing proceedings against Switzerland and are encouraged by the high level of engagement from investors in Hong Kong and Singapore.”

Mr Pardeep Khosa added, “Our focus is on ensuring affected investors have access to an independent, international platform to seek redress. With funding arrangements progressing positively and strong regional participation, we are well-placed to move forward swiftly.”

The firm continues to receive approaches from investors across Asia.

If you hold Additional Tier One (AT1) bonds issued by Credit Suisse in Asia prior to its merger with UBS last year, you may have significant financial and legal interests that were affected by this transition. Our firm is proactively coordinating funded investor-state arbitration claims on behalf of Credit Suisse AT1 bondholders in Asia and the Middle East against the Swiss Confederation. This action aims to safeguard the rights of our clients to claim for losses incurred on their AT1 bonds. For detailed information about this initiative, read more here.