07:52 AM EDT, 06/07/2024 (MT Newswires) -- A group of Credit Suisse bondholders filed a lawsuit against the Swiss government in New York, seeking full compensation for $82 million worth of the failed bank's Additional Tier 1 debt that was written down when UBS (UBS) took over the bank, lawyers representing the investors said Thursday.

Law firm Quinn Emanuel Urquhart & Sullivan said in a complaint that the decision to write down the AT1 debt was an "unlawful

encroachment on the property rights" of the bondholders.

"Switzerland disregarded potential alternatives that could have protected the investments of AT1 Bondholders in the interest of economic nationalism," Dennis Hranitzky, head of Quinn Emanuel's sovereign litigation practice, said in a statement.

UBS and the Swiss finance ministry did not immediately respond to MT Newswires' requests for comment.

Price: 31.76, Change: +0.07, Percent Change: +0.22