News

The LegalPass, Credit US “class action”, launched on June 15, 2023, closed on August 10, 2023, and for which the initiation of legal proceedings was transmitted to the Zurich Commercial Court on August 14, 2023 by Andreas Hauenstein, attorney-at-law at Baumgartner Mächler, received UBS's statement of defense on February 16, 2024. The LegalPass lawsuit asked the Zurich Commercial Court to determine an appropriate compensation per Credit Suisse Group AG (CSG) share in connection with the merger between UBS and the former CSG. UBS has asked the court to dismiss the claim in its entirety.

As announced in our newsletter of August 20, 2023, UBS had until Friday, December 15, 2023 (midnight) to respond to all requests for control of the exchange ratio (including LegalPass’ request). UBS has since requested a deadline extension on January 10, 2024 (midnight). UBS justified its request by arguing that the deadline had originally been set during July 2023 in the context of another application for control of the exchange ratio. According to UBS, as the original deadline did not take into account the other legal claims filed afterwards, an extension had to be granted in view of this "additional...

Lausanne, August 14, 2023 - Closure of LegalPass class action and filing of the legal proceeding on behalf of Credit Suisse shareholders The LegalPass class action, named Credit US and launched on June 15, 2023 to enable Credit Suisse shareholders to band together and defend their rights at an affordable price, closed at midnight on August 10, 2023. On August 14, 2023, Mr. Andreas Hauenstein of the Zurich law firm Baumgartner Mächler filed a statement of claim with the Zurich Commercial Court. LegalPass will act as an intermediary between the Zurich lawyer and the participants in the Credit US action,...