Qatar fund explored claims against Switzerland for Credit Suisse losses

Qatar’s sovereign wealth fund, Credit Suisse’s second-largest investor, has explored seeking redress for losses incurred by the bank’s takeover, two people familiar with the matter said, as legal challenges to Switzerland’s state-backed rescue mount.

The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, after Credit Suisse Group AG’s forced sale to UBS Group AG at a fraction of its market value, the two sources said.

The move by the $475 billion sovereign wealth fund to study legal options has not been previously reported. QIA stands to lose roughly $330 million on its equity stake in Credit Suisse as a result of the sale to rival UBS, Reuters calculations show.

Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March.

Switzerland and Qatar have a treaty that lays out a process to settle disputes. The fund tapped a law firm that specialises in international arbitration and has offices in London and Paris, the sources said.

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