Credit Suisse investors sue Swiss financial regulators after facing losses ...Middle East

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Credit Suisse investors sue Swiss financial regulators after facing losses
A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs (USD 17.3 billion) in higher-risk Credit Suisse bonds as part of an emergency rescue last month, lawyers said Friday. The hastily arranged, USD 3.25 billion deal prevented the downfall of Switzerland's second-largest bank after its stock plunged and customers rushed to pull out their money amid fears about long-running troubles at Credit Suisse and upheaval in the globa

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