Last week, the Commercial Court of Zurich ordered a court expert opinion to be obtained on the value of Credit Suisse (CS) as at March 19, 2023. The lawyer Perica Grasarevic wrote this in a post on Linkedin on Monday.

The value is to be determined based on going concern principles, the statement continues. To facilitate this, the court has proposed appointing two independent co-appraisers. Their names have not been disclosed, as objections may still be raised against the proposed individuals.

Documents Requested

UBS has also been obliged to submit extensive documents relating to its internal and external assessment of CS prior to the emergency merger. This also includes documents provided by Morgan Stanley and Rothschild for their so-called «Fairness Opinions».

The decision represents an important interim success for the plaintiff side, Grasarevic continues. Together with Gordon Mickel, he launched the website «notrecht.com» in March 2023, through which aggrieved shareholders can join a lawsuit.

UBS Strategy Was not Convincing

«It is particularly noteworthy that the court clearly signaled its decision by ordering an expert opinion: UBS's strategy of setting the value of Credit Suisse at zero across the board as of the reporting date was not convincing,» the post continues.

The Swiss Investor Protection Association and the Lausanne-based company Legalpass have also filed a lawsuit against the CS valuation. A representative of Legalpass confirmed Grasarevic's statements to finews.ch. UBS has not yet responded to an inquiry.

UBS took over the major bank for around 3 billion Swiss francs in a transaction ordered by emergency law. The CS shares were valued at 0.76 francs and payment was made in the form of UBS shares.