Media release August 14, 2023

Communiqué de presse du 14 août 2023

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, in particular for the transmission of information and the organization of a possible vote on a settlement agreement.

It is with some satisfaction that the two founders of legal startup LegalPass and initiators of the first class action in Switzerland for Credit Suisse shareholders close the registration for Credit US. Philippe Grivat and Alexandre Osti took up this challenge with a certain audacity. In the space of two months, LegalPass succeeded in mobilizing over 3,000 shareholders to join their action. To date, the LegalPass action remains unique in Switzerland, with the realization of the first legal proceedings in favor of Credit Suisse shareholders seeking to assert their rights.

"The response to our campaign has been incredible. We're very happy and proud of how far we've come. When Credit US was launched, we were often considered crazy for embarking on such an adventure. The risks were many. But today's results show that we were right to believe in our project, despite the criticism," enthuses Philippe Grivat, co-founder of LegalPass.
Alexandre Osti, co-founder of LegalPass, adds with conviction: "We believe that without our action, none of the Credit US participants would have undertaken such a battle on their own.

Knowing that we have enabled thousands of shareholders to assert their rights is an immense source of satisfaction. Together with Philippe, we have set in motion an action that will undoubtedly go down as one of the major trials in Swiss legal history".

This week, LegalPass will provide Credit US participants with a summary of the legal proceeding, prepared by the Zurich law firm Baumgartner Mächler. Participants can also obtain a copy of the statement of claim sent to the Handelsgericht by writing to:

Additional information
Philippe Grivat
LegalPass SA
Co-founder – Attorney-at-law

Alexandre Osti
LegalPass SA
Co-founder – Attorney-at-law

About LegalPass SA
Established in 2022 by two attorneys-at-law, Philippe Grivat and Alexandre Osti, LegalPass is a Swiss start-up whose mission is to make the law affordable for everyone. LegalPass usually focuses on the areas of law that particularly affect the general public.

For the time being, it deals in particular with debt collection and road-traffic law, but its aim in the future is to cover all the most common areas of law.

With its virtual assistant, LegalPass assists SMEs and private individuals with solving their legal problems by helping them to create their legal documents or find a suitable lawyer at a reduced fee. With the Credit US legal action, LegalPass intends to make the law affordable by enabling thousands of small Credit Suisse shareholders to collectively make their voice heard at an affordable cost.

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