ZURICH (Reuters) -A New York court has dismissed a civil lawsuit brought by holders of Credit Suisse Additional Tier 1 (AT1) debt who were seeking damages of $370 million from Switzerland, the Swiss
New York Court Dismisses $370 Million AT1 Lawsuit Against Switzerland
ZURICH (Reuters) -A New York court has dismissed a civil lawsuit brought by holders of Credit Suisse Additional Tier 1 (AT1) debt who were seeking damages of $370 million from Switzerland, the Swiss Finance Ministry said on Wednesday.
The lawsuit was filed in June last year in connection with the writedown of Credit Suisse's AT1 bonds after the bank collapsed in 2023, the ministry said in a statement.
The New York court followed the Swiss government's argument and ruled that, due to sovereign immunity, Switzerland is not subject to U.S. jurisdiction on the matter, the ministry added. The decision can be appealed within 30 days, it said.
(Writing by Dave Graham; editing by Matthias Williams)
