Singapore Law Firm to Sue Switzerland Over Asia Losses on AT1s

One of Singapore’s biggest law firms is set to file claims against the Swiss government by the end of the year, seeking compensation for hundreds of Asian bondholders of Credit Suisse AT1 debt that was wiped out in 2023.

Drew & Napier plans to go ahead with so-called investment treaty claims for Japanese bondholders first, followed by Hong Kong and Singapore investors, according to a director at the firm that’s representing about 560 bondholders from the three jurisdictions.

A court decision in Switzerland that the writedown of the Credit Suisse AT1 bonds was unlawful is the “first step in righting ...