UBS Faces Another Shareholder Lawsuit Over Its Takeover of Credit Suisse

UBS (NYSE:UBS) is about to face another lawsuit over its rushed acquisition of Credit Suisse. A suit to be filed by the Swiss Investor Protection Association (SASV) on behalf of about 500 Credit Suisse shareholders is set to be submitted on Monday, the Financial Times reported.

UBS (UBS) agreed in March to acquire Credit Suisse, which was suffering from massive deposit outflows, for CHF 3B (US$3.25B). The deal denied shareholders of both companies a vote on the transaction. The acquisition was completed in June.

It’s the second such lawsuit against UBS by Credit Suisse shareholders. In addition, there are also lawsuits filed by bondholders who saw their investments wiped out when the acquisition canceled $18B of Additional Tier 1 Capital debt.

Read the source article at Seeking Alpha