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Notice for (former) Credit Suisse employees - preservation of anonymity

Swiss Association for Investor Protection (SASV) also supports (former) Credit Suisse employees in asserting their rights and promises anonymity

  • Participation in the lawsuit is basically anonymous, only in the case of an out-of-court settlement would all participants in the lawsuit have to disclose their identity if necessary, but they can also refuse to do so.

  • All registrations received on 14.8. can be considered. The necessary documents can be submitted later.

  • The SASV will endeavour to find a solution to ensure that anonymity is preserved in the event of an out-of-court settlement and will contact UBS in this regard

The Swiss Association for Investor Protection (SASV) has received numerous enquiries from concerned (former) Credit Suisse employees as to whether they too can participate in the lawsuit against UBS and whether their anonymity would be preserved. Every CS shareholder must have the right to have the takeover price examined by the courts without fear of negative professional consequences in order to benefit from a possible compensation payment.

The SASV is aware that participation in the lawsuit against UBS can be difficult for (former) Credit Suisse employees for various reasons and that anonymity is an important prerequisite for participation. For this reason, SASV assures that participation in the lawsuit (as for all other participants) will be anonymous until the time of the commencement of any settlement negotiations with UBS and that participating (former) Credit Suisse employees will be given the opportunity to decide whether or not they wish to disclose their identity to UBS. This would only be necessary in the event of an agreement in an out-of-court settlement.

In addition, SASV will endeavour to find a solution with UBS for (former) employees so that their anonymity is preserved even in the event of an out-of-court settlement.

UBS’s recent decisions to terminate the CHF 9 billion guarantee agreement with the Swiss government and the associated 4.7% rise in UBS shares on the day of the announcement are a strong indication that the takeover price for Credit Suisse – one of the best capitalised banks in Europe – was far too low from the point of view of CS shareholders. An independent, judicial review and correction of the exchange ratio of 22.48 CS shares per UBS share by an appropriate expert is therefore necessary to determine the fair value of Credit Suisse and to examine the appropriateness of the exchange ratio. Especially since the takeover has the character of horse-trading, in which the purchase price was arbitrarily determined.

The “good deal” from UBS’s point of view is also being played out on the backs of the (former) employees of Credit Suisse. Thus, many of them, who had received part of their remuneration in shares or invested in CS shares out of loyalty to their employer, have lost a large part of their entitlements, assets and pension money. A considerable number of share packages were also declared invalid due to the takeover. The frustration and uncertainty are therefore high. In addition, the fear of losing their jobs or being taken over by UBS at worse contractual conditions hangs over them.

The SASV recommends that all Credit Suisse shareholders join a lawsuit to protect their rights. All applications received on 14.8. can be considered. The necessary documents can be submitted later. Click here to register!

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