Federal Court rejects CS shareholder’s state liability claim
Keystone-SDA
On Tuesday the Swiss Federal Court dismissed a Credit Suisse shareholder’s claim against the government in connection with the takeover of Credit Suisse by UBS. The man had sued the authorities for damages totalling around CHF140,000 ($175,000).
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The plaintiff based his claim on the fact that the government’s emergency measures in connection with the takeover of Credit Suisse by UBS in 2023 had led to the extensive expropriation of his 12,000 Credit Suisse shares. As a result, he had suffered a loss of CHF140,783.
When issuing the emergency ordinance in March 2023, the government had acted unlawfully, the man said. In doing so, it violated the principles of the rule of law enshrined in the Federal Constitution, the prohibition of arbitrariness, the guarantee of property and the prohibition of excessive restrictions on fundamental rights.
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The man had invested almost CHF150,000 in Credit Suisse shares between 2014 and 2022. When the shares were exchanged for UBS securities at the time of the merger, he received around CHF9,000 in return.
Translated from German by DeepL/ts
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