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Japanese investors plan to sue MUFG unit over Credit Suisse bonds – Nikkei
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(Reuters) – A group of Japanese investors are planning to file lawsuits against some brokerages based in the country, including Mitsubishi UFJ Morgan Stanley Securities, over their sale of AT1 bonds issued by Credit Suisse Group AG, Nikkei reported on Friday.
(Reuters) – A group of Japanese investors are planning to file lawsuits against some brokerages based in the country, including Mitsubishi UFJ Morgan Stanley Securities, over their sale of AT1 bonds issued by Credit Suisse Group AG, Nikkei reported on Friday.
Former Bank of America Securities lawyer Taiju Yamazaki has said he expects his “first action” would be to file a group suit in Tokyo on behalf of MUFG Morgan Stanley Securities clients as they look to recoup losses on their Credit Suisse additional tier-1 bonds, the report said.
Credit Suisse and MUFG did not immediately respond to a Reuters request for comment. Reuters could not immediately contact Taiju Yamazaki.
(This story has been refiled to fix a grammatical error in the headline)
(Reporting by Anirudh Saligrama in Bengaluru;Editing by Nivedita Bhattacharjee)
An Additional Tier 1 (AT1) bond is a type of hybrid security that banks use to meet capital requirements. These bonds can be converted into equity or written down if the bank's capital falls below a certain level.
Capital refers to financial assets or resources that can be used to fund a business or project. It can include cash, investments, and other assets that can be converted into cash.
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