AT1 Bonds And Next Steps – What Investors Should Know And Do Now

Lindemann Rechtsanwälte

SwitzerlandLitigation, Mediation & Arbitration

Dr. iur. Alexander Schiemenz

Emmanouil Kazakos

Introduction

The write-off of the Credit Suisse AT1 bonds remains one of the most controversial chapters in Switzerland's recent financial and regulatory history. The debate has recently been given new impetus by three decisions: (i) BGer 2E_1/2024 (main hearing May 23, 2025; published on September 26, 2025), (ii) the decision of the U.S. District Court, Southern District of New York of September 30, 2025, and (iii) the partial decision of the Federal Administrative Court ("FAC") of October 1, 2025 in the model case B-2334/2023. In addition to this Insight, we also refer to our previous Insights on these decisions: https://lindemannlaw.ch/de/insights2/cs-at1-abschreibung-rueckschlag-aufseher-neustart-schweizer-krisenbewaeltigung/ and https://lindemannlaw.ch/de/insights2/credit-suisse-ubs-fusion-rechtsprechung-bger-2e1-2024-sdny-2025/. The partial FAC-decision annulled the FINMA ruling of March 19, 2023; FINMA has appealed against this to the Federal Supreme

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AT1 Bonds And Next Steps – What Investors Should Know And Do Now

Introduction

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