Credit Suisse Staff Prepare To Sue Swiss Regulator Over Lost AT1 Bonuses

Credit Suisse AG staff are preparing to sue the Swiss financial regulator over $400 million of bonuses that were cancelled after the troubled lender's rescue by UBS Group AG, the Financial Times reported on Monday. 

The report further stated that investors holding AT1 bonds have already approached law firms to take legal recourse against Credit Suisse AG. For the uninitiated, AT1 bonds are high-risk fixed-income securities with a hypothetical perpetual interest accrual.