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Credit Suisse shareholders launch legal challenge to $17bn writedown
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Credit Suisse bondholders have launched a legal challenge in Switzerland against regulators’ decision to write down $17bn in securities as part of UBS’s rescue of the troubled bank last month.
Bondholders holding about $5bn of Credit Suisse’s cancelled debt want the decision to write down their bonds revoked or amended, according to an outline of their appeal made in a Swiss administrative court and reviewed by The Wall Street Journal. The bondholders are alleging the total write-down was disproportionately punitive to them...
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