UBS faces new lawsuit by Appaloosa over Credit Suisse $17 bln bond wipeout [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance
investors about its health before $17 billion of its bonds were written down to zero in a government-orchestrated rescue by Swiss rival UBS. In a complaint filed on Tuesday in the Newark, New Jersey federal court, Appaloosa said two investors it advised suffered significant losses when their Additional Tier 1 bonds were wiped out in March 2023, just 1-1/2 weeks after they began purchases. Appaloosa said Credit Suisse Chief Executive Ulrich Koerner falsely proclaimed that liquidity was "very strong" and "getting stronger" though the bank was suffering a deposit run, mirroring a run that led to Silicon Valley Bank's collapse that month. The lawsuit accuses Credit Suisse, Koerner and former Chairman Axel Lehmann of "lying to the market about Credit Suisse's deteriorating liquidity," and seeks unspecified damages under U.S. securities laws and a New Jersey racketeering law. UBS declined to comment. A lawyer for Appaloosa and the investors, Azteca Partners LLC and Palomino Master
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FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 4/30/24 - Form 4
- 4/26/24 - Form 144
- 4/25/24 - Form 8-K
- FCNCA's page on the SEC website