Investors representing more than 4.5 billion Swiss francs ($5 billion) of Credit Suisse bonds have sued the Swiss regulator over its decision to wipe out their investments during last month's emergency government-orchestrated takeover.
The appeal against FINMA, the Swiss Financial Market Supervisory Authority that ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north east Switzerland.
"We are committed to rectifying this decision, which is not only in the interests of our clients but will also strengthen Switzerland's position as a key jurisdiction in the global financial system." Engineered in the wake of the global financial crisis, AT1 bonds were designed to ensure investors, not taxpayers, carry the burden of risk if a bank runs into trouble.
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