AT1 Investors Face 19 March Deadline to Preserve $17bn Claims Against UBS

International investors who held Credit Suisse AT1 bonds are racing against a critical legal deadline, with potential claims tied to more than $17 billion in securities written down during the bank's 2023 takeover by UBS.

When Credit Suisse collapsed into financial turmoil two years ago, holders of its AT1 Contingent Convertible Bonds — known as CoCos — saw the entire value of their holdings wiped out. FINMA, the Swiss financial regulator, ordered the write-down to facilitate the UBS takeover, a decision that has since drawn intense political and legal scrutiny in Switzerland.

In October 2025, Switzerland's Federal Administrative Court ruled that FINMA's write-down order lacked legal basis and set aside the regulator's decision. The matter is now headed to Switzerland's Supreme Court, but legal experts warn the process could take five to six years to conclude. Should the Supreme Court ultimately overturn the lower court's ruling, investors from countries without Bilateral Investment Treaties with Switzerland — including those from the EU, UK, and USA — would have no further legal recourse.

The Federal Administrative Court's ruling has raised questions about potential claims against UBS. However, those claims risk becoming time-barred on 19 March 2026. Under Swiss law, the statute of limitations can be interrupted relatively easily and at limited cost, but investors must act before that date.

Benno P. Hafner, Co-Founder and Senior Partner at Hafner Urbach Partner, said: "Those Credit Suisse AT1 bondholders who intend to preserve potential claims will need to act before 19 March 2026 to interrupt the applicable statute of limitations under Swiss law."

London-based firm Alcimos Collective Action is working to assist affected investors ahead of the deadline. Founder George Kintis noted that investors advised by two leading international law firms were already preparing to file against UBS to preserve their rights prior to the bar date.

"By co-ordinating investor efforts and working with Hafner Urbach Partner and other law firms, we facilitate a streamlined process for investors to take the necessary legal steps ahead of the 19 March limitation deadline," Kintis said.

Alcimos Collective Action has launched a dedicated website, swissat1claims.com, for affected investors seeking information on preserving their rights before the deadline.