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"Due to the large number of inquiries, the Swiss Association for
the Protection of Investors (SASV) has decided to coordinate a
lawsuit under Art. 105 of the Merger Act," the group said in a
statement.
"The aim is to obtain a cash compensation payment for Credit
Suisse shareholders corresponding to the value between the share
price set by the merger agreement and the share price determined
by the court," it added.
UBS declined to comment.
Under the deal, sealed last month, Credit Suisse shareholders
were offered one UBS share for 22.48 Credit Suisse shares,
valuing the stricken bank at 3 billion Swiss francs ($3.49
billion).
That compared to a market capitalisation of around 7 billion
Swiss francs on the last trading day before the deal was
announced in March.
A separate class action was launched last month by Swiss legal
start up LegalPass seeking a higher payout from the deal for
shareholders.
Hundreds of claims have also been filed by holders of Credit
Suisse's Additional Tier 1 bonds - which were all written down
to zero - claiming compensation.
A group of Credit Suisse AT1 bondholders has also filed a class
action suit accusing former executives at the Swiss bank,
including three past CEOs, of being responsible for the bank's
downfall.
SASV said shareholders had until Aug. 4 to contact the group to
join the action, which must be filed by Aug. 14 under Swiss
merger law.
($1 = 0.8585 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; Editing by Bernadette
Baum)
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