Update – Possible delay due to appeal to the Federal Supreme Court

The appointment of the two co-experts Prof. Dr. Peter Leibfried und Roger Neininger was challenged by another plaintiff in the Federal Supreme Court of Switzerland. If the Federal Supreme Court upholds the appeal, this could delay the proceedings before the Commercial Court by several months.

Commercial Court decision of 8 July 2025 challenged

In its decision of 8 July 2025, the Commercial Court confirmed Prof. Dr. Peter Leibfried and Roger Neininger as experts. The court rejected the objections of various parties to the two experts (see update of 15 July 2025).

One plaintiff has lodged an appeal against this decision of the Commercial Court with the Federal Supreme Court. The plaintiff argues, on the one hand, that the two experts appointed by the Commercial Court lack the expertise and experience required to evaluate a globally active bank. On the other hand, the plaintiff complains that the two experts are biased. UBS had also raised similar criticisms before the Commercial Court (see update of 15 July 2025).

SASV has confidence in the abilities and independence of the experts

As already stated in the update of 14 July 2025, the Swiss Investor Protection Association (Schweizerische Anlegerschutzverein, SASV) does not share this criticism. Rather, it has confidence in the professional competence of the two experts and trusts that they will produce an objective and technically sound report on the going concern value of Credit Suisse with regard to the merger.

Possible delay 

It is currently unclear whether the Federal Supreme Court will hear the plaintiff's appeal. If the Federal Supreme Court does take up the case, this would result in several months of appeal proceedings, during which the Federal Supreme Court would have to rule on the expertise and independence of the experts. During the appeal proceedings, the (main) proceedings before the Commercial Court would have to be suspended, as it would not be expedient to appoint the experts before the Federal Supreme Court has ruled on their suitability. This would delay the appointment of the experts by several months. 

Disclaimer automated translation:

We assume no liability for the accuracy, reliability or currency of the information translated by DeepL. The SASV has no influence on the translation quality. There is no liability claim for any damages incurred. Machine translation does not replace manual translation by certified linguists.