At the end of September, the Southern District of New York granted the Swiss Confederation's motion to dismiss a lawsuit filed by several holders of Credit Suisse’s AT1 bonds.

The judge followed the Swiss government’s argument that Switzerland had not pursued commercial interests during UBS’s emergency takeover of Credit Suisse and the measures ordered by Finma.

Question of State Immunity

The judge dismissed the case for lack of «subject-matter jurisdiction», citing the Foreign Sovereign Immunities Act (FSIA). Under this law, a foreign state generally enjoys immunity from the jurisdiction of U.S. courts unless a specific exception applies.

Now, however, the plaintiffs — represented by the law firms Quinn Emanuel Urquhart & Sullivan and Wollmuth Maher & Deutsch — have filed an appeal against the ruling and decision of September 30, 2025, at the U.S. Court of Appeals for the Second Circuit, according to court documents reviewed by finews.ch.