Credit Suisse takeover sparks calls for legal challenges

‘A huge waste’

Shareholders and bondholders of Credit Suisse are working on two potential legal cases against the Swiss bank, following its sale to UBS.

The first case could be launched by shareholders of the banks, who did not get to vote on the deal. The Ethos Foundation, which represents Swiss pension funds, deemed the takeover a "huge waste for the shareholders and the Swiss economy as a whole". This is because several pension funds in the country are shareholders of both banks and, as such, will be "doubly penalised by the transaction", the foundation said. Not only did they not get a say at the general meeting, pension funds will also have to face the risks associated to "a dominating position of a single large bank on the Swiss ma...