Three news to start your week: April 24
Credit Suisse bondholders sue Swiss regulator over wipe-out
(Reuters)
After last month's government-orchestrated rescue wiped out more than $5 billion in Credit Suisse bonds, investors sued the Swiss regulator.
The firm Quinn Emanuel Urquhart & Sullivan, representing bondholders, said the move was the first step in a fight to recover clients' assets expropriated after Credit Suisse's takeover by UBS.
It is the first big lawsuit over the Swiss decision to deem about $18 billion of Credit Suisse's Additional Tier 1 (AT1) debt worthless during the 3 billion Swiss franc all-share rescue transaction last month, which shocked markets and alerted litigators.
ING sues China's biggest bank over copper trading losses
(Financial Times)
China's largest bank is being sued by Dutch lender ING for losses in copper dealings, highlighting the hazards of serving the scandal-plagued commodity trading industry.
According to a Hong Kong court petition published by the Financial Times, Amsterdam-based ING is suing the Industrial and Commercial Bank of China for $170mn for delivering copper export paperwork without payment.
According to a source, the China Banking and Insurance Regulatory Commission, the country's top banking watchdog, has contacted ING about the case, which puts China's largest state bank by assets at reputational risk.
Members of Congress sold bank shares as fears of a banking crisis surged
(The New York Times)
An investment account linked to Florida Democrat Representative Jared Moskowitz's children sold Seacoast Banking Corporation shares valued at $65,000 to $150,000 on March 10.
The transaction was just one example of Congressmen buying and selling stocks and other financial assets in industries related to their official obligations.
According to Capitol sales, a project of 2iQ, at least eight members of Congress or their relatives sold bank stocks in March, which could climb if politicians disclose more sales from last month.
