A shareholder of fallen Swiss bank Credit Suisse has filed a lawsuit against UBS alleging that the takeover price for Credit Suisse was too low. That investor wants compensation for that from UBS, Switzerland’s largest bank. Credit Suisse was acquired by UBS in March during a hectic weekend for 0.76 Swiss francs per share. Credit Suisse’s closing price on Friday, the last trading day before that deal, was 1.86 francs per share. The deal was done under intense pressure from the Swiss government. The shareholder is now demanding a minimum of 1 million francs, equivalent to 1.1 million euros. That amount is based on the number of shares held and the difference between the closing price and the takeover price. According to that shareholder’s lawyer, the takeover also failed to properly consider Credit Suisse’s underlying value. Credit Suisse had been facing problems and scandals for some time. The rescue of Switzerland’s second largest bank by UBS was to prevent a bigger crisis in the Swiss banking sector. In the process, the Swiss government offered billions in guarantees.
