Market Chatter: AllianceBernstein to Join Case Against Switzerland Over $17 Billion Credit Suisse Write-Down-March 2024-www.financetom.com

Market Chatter: AllianceBernstein to Join Case Against Switzerland Over $17 Billion Credit Suisse Write-Down

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Market Chatter: AllianceBernstein to Join Case Against Switzerland Over $17 Billion Credit Suisse Write-Down

Dec 10, 2024 3:36 AM

06:22 AM EST, 12/10/2024 (MT Newswires) -- AllianceBernstein ( AB ) will be part of a lawsuit against the Swiss government for writing down $17 billion of Credit Suisse's debt when it orchestrated the rescue merger of the embattled bank with rival UBS (UBS) last year, the Financial Times reported Tuesday, citing people familiar with the matter.

The US asset manager is expected to be added as a plaintiff in a case filed by law firm Quinn Emanuel Urquhart & Sullivan on behalf of holders of Credit Suisse's AT1 bonds, the report said.

AllianceBernstein ( AB ) may seek $225 million in damages, bringing the total value of the lawsuit to $375 million, the report added.

AllianceBernstein ( AB ) and Quinn Emanuel did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Previous page： Church & Dwight Tops Q2 Estimates Despite Orajel Recall Costs Next page： Arthur J. Gallagher's quarterly profit rises on higher commissions and fees

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.