UBS is facing a new legal challenge to its takeover of Credit Suisse after a group of leading Swiss investors joined a class-action lawsuit, the latest sign of the domestic backlash to the deal.
Ethos Foundation, which represents institutional investors owing about 5 per cent of stock in both banks, on Tuesday said it was signing up to a campaign led by LegalPass, a start-up based in Lausanne.
The takeover, which was orchestrated by Swiss authorities in March, denied shareholders in both banks a vote on the deal. The SFr3bn ($3.35bn) UBS paid for Credit Suisse was less than half the bank’s market value on the final trading day before the deal was sealed.
Read the full story on the Financial Times here.