Omni Bridgeway funds claim against FINMA

Omni Bridgeway has teamed up with Singapore firm Drew & Napier to fund a class action lawsuit against the Swiss Financial Market Supervisory Authority (FINMA). Investors are challenging FINMA’s write-down of $17 billion worth of Additional Tier-1 (AT1) bonds issued by Credit Suisse, which they say reversed the usual order of priority of repayment of bank and corporate debt on insolvency. AT1 bondholders consequently will receive no return.

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