Switzerland’s Federal Department of Finance reported that the competent United States District Court in New York has dismissed a civil action by a group of Credit Suisse additional tier 1 (AT1) bondholders seeking USD 370 million in damages from the Swiss Confederation. The case, filed on 6 June 2024 in connection with the write-down of Credit Suisse’s AT1 bonds, was dismissed in a 30 September 2025 decision in which the court accepted the Swiss Confederation’s arguments and held that sovereign immunity prevents US jurisdiction in the matter. The dismissal brings the New York proceedings to a close. The decision may be appealed to the competent court of appeal within 30 days.
Federal Department of Finance (Switzerland) 2025-10-01
Switzerland’s Federal Department of Finance reports New York court dismissal of Credit Suisse AT1 bondholders’ USD 370 million claim against the Swiss Confederation on sovereign immunity grounds
The Federal Department of Finance of Switzerland announced that a U.S. District Court in New York dismissed a civil action by Credit Suisse AT1 bondholders seeking USD 370 million in damages from the Swiss Confederation. The court upheld the Swiss Confederation's sovereign immunity, closing the New York proceedings. An appeal may be filed within 30 days.