Omni Bridgeway to fund investor-state claims against the Swiss Confederation on behalf of Credit Suisse Additional Tier-1 bondholders
In March 2023, the Swiss Government and authorities facilitated a merger between Credit Suisse and UBS, which entailed a complete write-down of Credit Suisse Additional Tier-1 bonds (CS AT1 Bonds). The writedown of the CS AT1 Bonds was wrongful and in breach of investment treaty standards providing for fair and equitable treatment of investors as well as against acts of appropriation by Switzerland.
Third party litigation funder, Omni Bridgeway, is working on a proposed investor-state group action by holders of CS AT1 Bonds (Bondholders) against the Swiss Confederation to claim compensation for the losses incurred as a result of the wrongful writedown of the CS AT1 Bonds.
We are inviting eligible Bondholders sign up to participate in the CS AT1 Bonds group action. We encourage you to sign up without delay so as to enable filing of the proceedings as soon as possible. It is Omni Bridgeway’s preference to have finalised the sign up by 6 March 2026 though we will advise if this date should be extended. If you are interested, please click the 'Sign-Up' button at the bottom of this page which will take you through the relevant contractual documents.
What legal remedies are available to Bondholders?
The group action to be funded by Omni Bridgeway is currently focused on the international investment treaty remedies against the Swiss Confederation, via international arbitration and/or domestic action in the Swiss Courts, where applicable.
What is an investment treaty?
An international agreement that gives private individuals and companies the right to claim compensation when the government of a foreign country harms any investment they made in that country.
What is the basis for the claim?
Switzerland has international obligations to protect foreign investments, which include obligations to act fairly towards foreign investors and not to deprive investors of their investments without proper compensation. Switzerland failed to comply with these obligations when ordering the write-down of AT1 bonds and facilitating the merger between Credit Suisse and UBS. In particular, Switzerland subverted the well-established creditor hierarchy and ignored the applicable resolution regime when taking emergency actions over the weekend of 18-19 March 2023. Bondholders are entitled to compensation for the losses suffered by Switzerland’s breaches of its international obligations.
Am I eligible to participate in the claim?
There are two criteria (“Eligibility Criteria”) for this claim in order to qualify for protection under an investment treaty with Switzerland:
(1) You must be either an individual or applying on behalf of a company who, at the time of acquiring the bonds, held nationality or permanent residency in Hong Kong, Singapore, or Japan. For companies, the ultimate beneficial owner must also be a national of one of these jurisdictions.
(2) You must have acquired the CS AT1 Bonds prior to 19 March 2023 and still hold those bonds as at 19 March 2023.
How much will it cost to be part of the bondholder action?
Omni Bridgeway is an established global third party disputes funder that will provide disputes funding to Bondholders (provided they meet the Eligibility Criteria) to cover the legal fees and disbursements associated with any group action against Switzerland. The funding to be provided is subject to the number of Bondholders who sign-up to participate in the action and the related estimated value of the losses of those Bondholders.
The benefit for Bondholders is that Omni Bridgeway is offering a funding arrangement so that Bondholders have no “out-of-pocket” costs in the group action. The group action will be run on a “no success, no fee” basis in accordance with the terms of a legal finance agreement between Omni Bridgeway and the Bondholders. This means:
- If the claim is totally unsuccessful, Bondholders pay nothing, and are protected against any adverse costs risk.
- If the claim is successful, Omni Bridgeway will be entitled to a portion of the compensation that Switzerland is ordered to pay by the arbitral tribunal.
When are the immediate deadlines Bondholders need to be aware of?
We invite all interested Bondholders to complete the Legal Finance Agreement as soon as possible, preferably before 6 March 2026 though we will advise if this date should be extended, by clicking the 'Sign-Up' button on this page.
What experience does Omni Bridgeway have in funding investor-state and treaty claims?
Omni Bridgeway (ASX: OBL) is one of the world’s largest and longest established disputes financer. For over 35 years, Omni Bridgeway has partnered with claimants around the world to help mitigate the costs and risks of international disputes. Omni Bridgeway has funded arbitration claims and award enforcements in over 100 jurisdictions, with significant depth of experience funding investor-state and treaty claims against sovereign states and quasi-sovereign entities. The international arbitration team spans more than 11 countries, including the largest funding team in Asia by some margin, and is ranked in Band 1 for Litigation Funding: International Arbitration in Chambers and Partners 2024.
More information about Omni Bridgeway’s arbitration experience can be found here.
Which law firm is Omni Bridgeway working with on the proposed claims?
Omni Bridgeway is working with Drew & Napier LLC (D&N) and Withers LLP (Withers) on the group action.
How do I sign up to obtain funding from Omni Bridgeway or receive more information?
If you wish to participate in the CS AT1 Bond group action, please complete the signup process via this website as soon as possible, by clicking the 'Sign Up' button on this page.
You will be asked to provide certain information about your claim and to substantiate that you meet the above Eligibility Criteria including, in particular, evidence of your nationality. The collection, use and disclosure of this information will be in accordance with Omni Bridgeway’s privacy policy at https://omnibridgeway.com//website-policies/privacy-policy which you will be asked to consent to.
Alternatively, please feel free to contact the Omni Bridgeway Client Liaison Team (based in Perth, Australia) by email on [email protected] or by calling +61 8 9225 2322 if outside of Australia (or freephone on 1800 016 464 in Australia) if you would like further information.