(Bloomberg) — A group of investors in Credit Suisse Group AG bonds that got wiped out when UBS Group AG rescued the bank in a Swiss government-brokered deal are suing the country in New York as they take their fight abroad.
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The lawsuit, filed Thursday in federal court in New York, seeks more than $82 million plus interest. More strategically, it’s an attempt to move the battle to a jurisdiction their lawyers argue offers both a more sympathetic hearing and more scope to uncover possible evidence during a discovery process that Switzerland lacks.
“It’s always been my client’s belief that it’s best to provide a litigation hedge against the home-court advantage that the Swiss government is certainly likely to have in their own Swiss courts,” Dennis Hranitzky said in a TV interview with Bloomberg. The “injury” happened in New York “so it makes New York a logical place to bring the suit.”
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