UBS (UBS) is facing legal action related to its takeover of Credit Suisse (CS), Owen Walker of The Financial Times reports. The Swiss Investor Protection Association, SASV, is planning to file a claim on behalf of 500 Credit Suisse equity investors who suffered losses when the bank was rescued by UBS. The takeover denied shareholders from both banks from voting on the deal. It is the second class action suit by shareholders in Credit Suisse targeting UBS.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on UBS:
- UBS Group (NYSE:UBS) Pays $1.4B to Settle the Final Piece of the Puzzle
- Did UBS Pay Below Market Value for Credit Suisse Takeover?
- UBS (NYSE: UBS) Rises after Ending Swiss Government Guarantees in Credit Suisse Deal
- UBS begins to phase out Credit Suisse brand, FT says
- UBS cuts jobs in Credit Suisse investment bank, Reuters reports