UBS faces a new legal challenge for its acquisition of Credit Suisse after a group of important Swiss investors joins a collective demand, the last sign of the internal reaction to the agreement.
Ethos, which represents institutional investors who owe around 5 percent of the shares of both banks, said on Tuesday that it would join a campaign led by Legal Pass, an emerging company based in Lausanne.
The acquisition, which was orchestrated by the Swiss authorities in March, denied the shareholders of both banks a vote on the agreement. The 3,000 million Swiss francs (3,350 million dollars) paid by UBS for Credit Suisse were less than half of the market value of the bank on the last day of trading before closing the deal.
According to the agreement, the investors of Credit Suisse received a share of UBS for each $22.48 that they possessed in the bankrupt bank.
“Des [financial regulator] “FINMA has decided to deprive shareholders of voting rights, and the only way to challenge Chan’s percentage is to go to court, as LegalPass intends to do,” said Vincent Kauffman, executive director of Ethos.
The LegalPass campaign, the first demand of a Swiss shareholder who contested the terms of the acquisition, has the objective of recovering the payments in effect from the claimants based on the difference between the value of Credit Suissel that tribuander pagos UBS
La demanda SE UNE a una lista crecense de reclamos legales sobre el acuerdo. Al Menos dos Firmas de Abogados, Quin Emanuel Urquhart and Sullivan Palas, Rep. A Los Tenedores de Bonos Que Fuerón Polemicamente Eliminados Cuando Se Cancelarón $17 million
The employees of Credit Suisse also asked about the initiation of legal procedures after they also revoked their bonds linked to AT1. Mientras Tanto, Los Abogados and Los Estados Unidos Están Trabajando and Casos que apuntan a exdirectores individuales de Credit Suisse Por Su Papel and El Collapso del Banco.
Los Desafios surgen a medida que aumenta la reacción pública al acuerdo dentro de Suiza antes de las elecciones nacionales en October.
More than three-fourths of the voters asked to divide the enormous bank, while the Swiss parliamentarians voted against the package of 109 billion francs included in the increase.
UBS has no response to a request for comments at the moment of publication.
The Financial Times reported on Monday that UBS executives intend to make it clear in the results of the second quarter of the bank next month that the rescue of Credit Suisse will not depend on the financing of Swiss taxpayers.
