Civil action in New York: court dismisses action brought by AT1 bondholders
Berne, 01.10.2025 — The competent United States District Court in New York has dismissed the civil action brought by a group of AT1 bondholders against the Swiss Confederation, seeking damages of USD 370 million.
The civil action was filed on 6 June 2024 in connection with the write-down of Credit Suisse's AT1 bonds. Several international investors had filed lawsuits to recover losses associated with the AT1 bonds written down.La plainte civile avait été déposée le 6 juin 2024. Plusieurs investisseurs internationaux avaient fait valoir devant le tribunal des pertes en rapport avec la dépréciation des instruments AT1 de Credit Suisse.
In its decision of 30 September 2025, the competent court in New York followed the arguments of the Swiss Confederation and confirmed that, due to sovereign immunity, the Swiss Confederation is not subject to US jurisdiction in this matter.
The court's decision concludes the proceedings in New York. The decision can be appealed before the competent court of appeal within 30 days.