PRESS RELEASE

International investors who held bonds issued by Credit Suisse are preparing to take steps to preserve potential claims relating to more than $17bn of securities written down in connection with the bank’s 2023 takeover by UBS.

Investors who held AT1 bonds issued by the lender saw the value of their assets wiped out after being written down following the bank’s financial turmoil and subsequent takeover by UBS in 2023.

The write-down of the AT1 Contingent Convertible Bonds, known as CoCos, has been the subject of significant political and legal scrutiny in Switzerland since 2023. In October 2025, the country’s Federal Administrative Court (FAC) ruled that the write-down ordered by FINMA to facilitate the UBS takeover lacked legal basis and therefore set aside FINMA’s decision.

The matter will now be heard before Switzerland’s Supreme Court, but legal experts have warned the process could take five to six years.

According to lawyers involved in the matter, the Supreme Court may overturn the decision, but this is likely to take many years to conclude. Should that happen, investors from countries which do not hold Bilateral Investment Treaties with Switzerland, including the EU, UK and USA, would have no further recourse.

The FAC’s decision raises questions regarding potential claims against UBS; however, any such claims risk becoming time-barred on 19 March. Under Swiss law, the statute of limitations can be interrupted relatively easily and at limited cost.

Benno P. Hafner, Co-Founder and Senior Partner at Hafner Urbach Partner, states:
“Those Credit Suisse AT1 bondholders who intend to preserve potential claims will need to act before 19 March 2026 to interrupt the applicable statute of limitations under Swiss law.”

A London firm, Alcimos Collective Action, is assisting investors to preserve their rights ahead of the 19 March deadline. George Kintis, Founder of Alcimos Collective Action, said:
“It came to our attention that certain investors, advised by two leading international law firms, were preparing to file against UBS to preserve their rights prior to a 19 March bar date.”

“By co-ordinating investor efforts and working with Hafner Urbach Partner and other law firms, we facilitate a streamlined process for investors to take the necessary legal steps ahead of the 19 March limitation deadline.”

Alcimos Collective Action has launched a website, swissat1claims.com, for affected investors seeking to preserve their rights ahead of the 19 March deadline.

This press release is provided for informational purposes only and does not constitute legal advice.