US asset manager AllianceBernstein is preparing to sue Switzerland for $225mn over the decision to wipe out $17bn of debt when the country’s government orchestrated the takeover of Credit Suisse by rival UBS last year.
The group, which manages about $800bn in assets, is set to be added next month as a plaintiff in a case brought by law firm Quinn Emanuel Urquhart & Sullivan on behalf of Credit Suisse bondholders, according to people familiar with the details.
AllianceBernstein will be the first large institutional investor to join the claim and is expected to seek about $225mn in damages from the Swiss state, taking the total value of the lawsuit to $375mn, the people said.
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