Exclusive: Qatar fund explored claims against Switzerland for Credit Suisse losses – Reuters

Exclusive: Qatar fund explored claims against Switzerland for Credit Suisse losses – Reuters

May 17 (Reuters) - 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 (UBSG.S) 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.