Credit Suisse AT1 Case: Investors Call, Swiss Supreme Court Responds
By Dario Item
The Swiss Supreme Court has ordered the Swiss Federal Administrative Court to explain the delays in processing the appeals
There has been a development regarding the write-down of Credit Suisse’s AT1 bonds. Following complaints from certain investors complaining about delayed justice, an issue that Antigua.news first reported on May 24, 2025 — the Swiss Supreme Court has delivered a significant initial ruling on the matter.
In an order dated June 24, 2025, (see document below) the Swiss Supreme Court — acting as supervisory authority — instructed the Swiss Federal Administrative Court (SFAC) to respond to the complaints submitted by the plaintiffs by July 27, 2025. Additionally, the Swiss Supreme Court posed specific questions to the SFAC, requesting a detailed explanation on some issues:
1. Why has no significant activity been recorded on the part of the Swiss Federal Administrative Court since spring 2024?
2. Why have the files of FINMA and CS/UBS not yet been forwarded to the legal representatives?
Finally, the Swiss Supreme Court also requested the SFAC to explain its “strategy for completing the proceedings regarding the write-down of AT1 capital instruments so that a ruling can be issued in the foreseeable future.”
Therefore, the Swiss Supreme Court seems to have understood that investors are complaining about a completely anomalous situation and it is seeking clear and non-evasive answers from SFAC.
When investors call, the Swiss Supreme Court responds, at least for now.
About the author
Dr. Dario Item is the Head of Mission of the Embassy of Antigua and Barbuda in Madrid. He is an experienced financial crimes lawyer with nearly 30 years of practice. He holds degrees in law and political science, a Ph.D. in criminal law and an LL.M. in transnational financial crime.
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