According to a Bloomberg report, Drew & Napier plans to sue on behalf of Japanese bondholders first, followed by investors in Hong Kong and Singapore. In February, Drew & Napier said around 300 Singaporean AT1 investors were among those claiming losses.
Clearly define investor recourse measures or risk listcos being “held hostage”, say lawyers about MAS’s upcoming schemes
News broke over the weekend that Drew & Napier, one of Singapore’s largest law firms, is set to sue Switzerland before the year ends. They seek some US$300 million ($389.8 million) in compensation for around 560 Credit Suisse bondholders across Asia who were burnt by the Swiss government’s 2023 decision to write down 16.5 billion Swiss francs in additional tier 1 (AT1) debt.
