Although Credit Suisse’s likely need for a rescue package at some point was, perhaps, foreseeable, the speed of its demise, together with the form of rescue package were more surprising. Put together over a weekend, the legal and regulatory fall-out from the merger with UBS will take much longer.
While seen by many (not least Credit Suisse’s own chairman) as the only option to stave off bankruptcy and even by some as a success to boost confidence in the banking market, many stakeholders disagree and are already seeking to bring claims to claw back losses. Investors for whom the implications currently remain less clear are now seeking advice on potential legal escape routes should their positions move against them.
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