Credit Suisse Workers Gear Up To Sue Swiss Regulator Over $400 Million In Lost Bonuses, Report Says

Credit Suisse staff are gearing up to sue Switzerland’s financial regulator over hundreds of millions of dollars worth of bonuses that were canceled after the bank was hastily rescued by rival UBS earlier this year, theon Monday, adding to the deal’s already sizable legal fallout as the two banks work to finalize the merger.

Senior Credit Suisse staff are preparing to sue the Swiss Financial Market Supervisory Authority, Finma, over its decision to cancel more than $400 million worth of bonuses following the bank’s rescue by UBS, theThe issue stems from the unorthodox decision from Swiss authorities to wipe around $17 billion of bonds as part of the emergency rescue, which has proven to be one of the most controversial parts of the deal and...

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