11:05 AM EDT, 04/04/2024 (MT Newswires) -- (Updates with UBS response in the seventh paragraph.)

Switzerland's financial regulator is seeking to block the release of certain documents to investors for not accessing Credit Suisse tier 1 bonds, the Financial Times reported Thursday, citing a letter from the Swiss Financial Market Supervisory Authority to the Swiss Federal Administrative Court last month.

Credit Suisse's acquisition by UBS Group ( UBS ) last year resulted in at least $9 billion of legal claims after Finma chose to write down the majority of the bank's debt to zero, the report added.

As part of legal claims, investors have asked the documents to be disclosed regarding the regulator's decision, according to the report.

Finma has warned that releasing key documents may result in foreign investors preparing a case against the Swiss government, the FT said, citing the letter.

"The transmission of confidential procedural documents to the plaintiff could permanently undermine the confidence of those subject to Finma in the confidentiality of the information they share with Finma and thus seriously undermine Finma's supervisory activities," the Financial Times quoted the regulator as saying in the letter.

"FINMA is presenting its position on the AT1 write-down in court. It is not conducting the numerous appeal proceedings through the media," a Finma spokesperson told MT Newswires in an emailed statement. "Accordingly, FINMA has already submitted over 100 detailed consultations to the Federal Administrative Court to date."

UBS declined MT Newswires' request 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.)

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