The takeover of Credit Suisse resulted in an extraordinary profit of 31 billion Swiss francs for UBS. However, Credit Suisse shareholders are now suing against the exchange ratio of 76 centimes per share.
Investors were anything but happy. Many are already suing the financial Outlook and Credit Suisse. But now comes a new wave of lawsuits against UBS, as the “Sonntagszeitung” reported.
Zurich lawyer Dimitri Santoro confirmed to the newspaper that lawsuits against the big bank had been filed with the Zurich Commercial Court. Another is before the justice of the peace in Zurich.
According to the lawyers, the exchange ratio calculation must be based at least on the last stock market value of the shares before the takeover. Calculated according to the matter on March 17 (1.86 francs), a much higher price should have been included: around 30 to 35 billion francs.
As the newspaper further reports, the lawsuit refers to a Federal Court decision of 2011: “In determining the exchange ratio, all relevant circumstances must be taken into account, particularly the assets of the companies involved. […] The decisive factor for determining the assets is the enterprise value at going concern values.”
