Law firms rally Asian claimants against Switzerland over AT1 bond wipeout

HONG KONG -- Global law firm Withersworldwide is seeking to unite holders of additional tier one, or AT1, bonds issued by the now-defunct Credit Suisse in Asia, aiming to launch legal action to recover losses they suffered when the bonds were written off during the bank's sudden merger with UBS last year.

The London-based firm hosted an event in Hong Kong on Thursday with litigation finance company Omni Bridgeway, rallying the AT1 bondholders to file an international arbitration case against the Swiss government, which allowed the value of the bonds to be wiped out. The gathering was part of a growing legal push across Asia to recoup the funds, more than a year after the deal was struck.