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.
Omni Bridgeway is working with Drew & Napier LLC (D&N) and Withers LLP (Withers) on the group action. The deadline to sign up to the Credit Suisse AT1 Bondholder Group Action was 16 July 2026. As the deadline has passed, we are no longer accepting signups for all jurisdictions.
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.
When are the immediate deadlines Bondholders need to be aware of?
The deadline for all interested Bondholders to complete the Legal Finance Agreement was 16 July 2026, which has now passed. As the deadline has passed, we are no longer accepting signups for all jurisdictions.
If you have already signed up with Omni Bridgeway and require assistance with updating your details, please 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).
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.
Further Information
If you would like any further information about the CS AT1 Bond group action you can 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).