Groups of Credit Suisse Additional Tier 1 (AT1) bondholders have initiated two investor-state dispute settlement (ISDS) claims against Switzerland. Reports from specialized media outlets indicate that the Swiss government has received at least nine notices of dispute under various investment treaties following the state-orchestrated rescue of Credit Suisse (here; behind paywall). The disputes center on the write-off of AT1 bonds—valued at approximately CHF 16 billion—as part of the March 2023 emergency takeover of Credit Suisse by its competitor, UBS. The write-off was mandated by a decree from the Swiss Financial Market Supervisory Authority (FINMA). The ISDS claims follow significant developments in the Swiss domestic judiciary. In October 2025, the Federal Administrative Tribunal annulled FINMA’s write-off decree. The Tribunal ruled that the specific contractual or regulatory “trigger event” required to write down the bonds had not legally occurred at the time of the order. This judgment was subsequently appealed to Switzerland’s apex court, the Federal Tribunal. The Federal Tribunal has provisionally suspended the effects of the lower court’s annulment. Consequently, the write-off remains in effect pending a final decision from the country’s highest judicial authority.