UBS’ statement of defense to LegalPass “class action” on behalf of Credit Suisse shareholders

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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.

For LegalPass, the content of UBS' statement of defense contains no particular surprises. Overall, the line of defense was expected by the lawyers of the Zurich law firm Baumgartner Mächler. However, the most surprising element is UBS' assertion that Credit Suisse Group AG has in fact been undercapitalized for a long time. This contradicts the statements made by the authorities to date. Nevertheless, LegalPass is cautious about this revelation in view of UBS' position.

At this stage, LegalPass does not wish to provide a critical analysis of the arguments put forward by UBS. Such an analysis is premature and should be reserved for the subsequent legal proceedings.

The more than 3,000 shareholders who joined LegalPass were informed today of UBS's response by the two founding lawyers of the legaltech startup, Philippe Grivat and Alexandre Osti.

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