Married couple flashes with a lawsuit for CS.
The couple lost more than CHF 50,000 due to the demise of the Credit Suisse – and flashes off before the Federal Supreme Court
Shortly before the end of the Credit Suisse, small investors bought stocks again. After the emergency merger with UBS, a massive loss of value resulted. Switzerland does not have to pay for the damage. The federal court decided that.
A couple invested CHF 84,600 in Credit Suisse stocks on March 10, 13 and Cept of Commerce. On March 20, on the day after which the Federal Council had announced the forced takeover by UBS, the small investors sold the securities and remained at a loss of over CHF 54,000.
The couple demands compensation from Switzerland. It justified the state liability for the fact that the shares would not have bought if the Federal Council had not said publicly that the CS was well capitalized. For example, the outgoing finance minister Ueli Maurer said in an interview in the NZZ at the end of 2022 that the CS reduces their risks, depressions and has increased capital. « That deserves trust and needs some time. »
The Federal Supreme Court dismissed the lawsuit for public advice, as it announced on Friday. The written justification for the decision will follow later.
Puk attests to the Federal Council good crisis coping
The hurdles for successful state liability lawsuits are high. The Federal Council would have to be able to prove a significant breach of duty. However, the parliamentary investigation commission (PUK) attested to him and the other authorities involved a good work in coping with crisis.
The Credit Suisse did not stagger towards the abyss unnoticed. In February 2023 it became known that she had losing a loss of CHF 7.3 billion in 2022. The massive deduction of customer funds was broadly discussed in the media. On March 12, a week before the Federal Council, the National Bank, the Finma and the heads of UBS and Credit Suisse announced the funeral of the Grossbank, the title of a comment from the « Sonntagszeitung » was: « The Credit Suisse drives against the wall ».
Despite the wave of negative headlines, the couple bought CS shares on the 10th, 13th and 15th March. Just on that March 15, the course sagged massively after the Saudi National Bank had announced that it would no longer shoot more money into the bank.
