Credit Suisse staff prepare legal battle over bonus fallout amid UBS takeover
It isn’t yet clear whether the bonus-linked new claims could be bolted onto the existing investor claims
The handling of the bonds after UBS agreed to take over Credit Suisse surprised the markets
Bloomberg via Getty ImagesStaff at Credit Suisse are making preparations for legal action over $400m in bonuses that they lost out on because they were cancelled following the bank’s takeover by rival UBS.
A portion of the bonuses of senior bankers, linked to $17bn in securities or Tier 1 bonds, were wiped out amid the takeover, which was backed by Finma, the Swiss regulator, the Financial Times reported.
Quinn...
