U.S. Court Dismisses $37 Million AT1 Lawsuit Against Switzerland, Swiss Government Says

The Swiss Finance Ministry announced on Wednesday that a New York court has dismissed a civil lawsuit filed by Credit Suisse Additional Tier 1 (AT1) bondholders seeking $37 million in damages from Switzerland.

According to the ministry, the lawsuit was filed last June in connection with the write-down of Credit Suisse’s AT1 bonds following the bank’s collapse in 2023.

The ministry further stated that the New York court ruled in favor of the Swiss government, agreeing that sovereign immunity prevents Switzerland from falling under U.S. jurisdiction in this case. The ministry noted that the decision can be appealed within 30 days.