The Federal Administrative Court issues a strike-off decision in the aftermath of the withdrawal by Credit Suisse Group AG of its application for precautionary measures regarding FINMA’s order to write down Contingent Capital Awards. “ Credit Suisse Withdraws Application to Appeal Additional Tier 1 Note Write-down Involving 2,500 Claims, Had Argued Contingent Capital Awards are Issued by Other Companies to Employees as Part of Remuneration “Ĭredit Suisse Withdraws Application to Appeal Additional Tier 1 Note Write-down Involving 2,500 Claims Credit Suisse Zurich More info below on Credit Suisse AT1 bonds. The Credit Derivatives Determinations Committee (CDDC) panel is comprised of 11 members from Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Mizuho Securities, Elliott, Citadel & PIMCO. Separately, the Credit Derivatives Determinations Committee (CDDC) had released a statement (17/5/23) on Credit Suisse Additional Tier-1 (AT1) bonds write-down will not trigger default swaps payout (insurance payout) as the AT1 securities are junior (lower-rank) to subordinated bonds. These proceedings are still pending and the FAC cannot say when a judgment will be handed down.” See below for full statement. Switzerland Federal Administrative Court (FAC): “The Federal Administrative Court issues a strike-off decision in the aftermath of the withdrawal by Credit Suisse Group AG of its application for precautionary measures regarding FINMA’s order to write down Contingent Capital Awards … … The FAC has received approximately 230 appeals, involving roughly 2500 appellants, against FINMA’s ruling of 19 March 2023 regarding the write-down of the AT1 instruments. Credit Suisse Withdraws Application to Appeal Additional Tier 1 Note Write-down Involving 2,500 Claims, Had Argued Contingent Capital Awards are Issued by Other Companies to Employees as Part of RemunerationĬredit Suisse has withdrawn the application to Swiss Financial Market Supervisory Authority to appeal Credit Suisse Additional Tier 1 note write-down involving 2,500 claims, arguing contingent capital awards are issued by other companies to employees as part of remuneration.
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