Four Decades for Justice
On June 24, 2022, Credit Suisse Asset Management (“CSAM”) announced it has reached an agreement with Bluestone Resources (“Bluestone”) that maps out a plan for the payment of cash to noteholders, including the Supply Chain Finance (“SCF”) funds, which can then be distributed to investors in those funds.
Under the terms of the agreement, Bluestone has committed to making recurring payments to noteholders from the free cash flow generated, beginning in June 2022, up to a maximum amount of $320 million. These payments would be shared between all noteholders, meaning that approximately 81 percent of the total would be allocated to the SCF funds – specifically to the Credit Suisse (Lux) Supply Chain Finance Fund and to the Credit Suisse Nova (Lux) High Income Fund. The proceeds from any sale of the Bluestone entities would be shared between the Justice family and the noteholders. With respect to any outstanding balance following any sale of the Bluestone entities, CSAM intends to seek recovery through enforcement of its rights, including under the relevant insurance coverage. To date, all insurance claims relevant to Bluestone have already been filed. An aggregate nominal total of USD $850 million is outstanding, of which $690 million is due to the two SCF funds. Cravath is representing CSAM in connection with the agreement.
The Cravath team is led by partners Paul H. Zumbro and George E. Zobitz and includes associates Isaac H. Todd and John A. Marcin on financial restructuring and reorganization matters; partner Omid H. Nasab and associates Melissa A. Syring and Micaela J. Pina on litigation matters; of counsel Christopher J. Kelly, senior attorney Will C. Giles and associate DongHwa Kim on banking matters; and partner Andrew M. Wark on M&A matters.
Deals & Cases
February 01, 2023
Cravath represented the underwriters in connection with the registered offering of $3.75 billion of senior notes of Credit Suisse AG, a wholly owned subsidiary of Credit Suisse Group, a global financial services company. The transaction closed on January 9, 2023.
Deals & Cases
February 01, 2023
Cravath represented the managers in connection with the CHF 2.2 billion rights offering of shares of Credit Suisse Group AG in Switzerland. Credit Suisse Group AG is a global financial services company. The shares were listed on the SIX Swiss Exchange. The transaction closed on December 9, 2022.
Deals & Cases
September 13, 2022
Cravath represented the underwriters in connection with the registered offering of $2.5 billion of senior notes of Credit Suisse AG, a wholly owned subsidiary of Credit Suisse Group, a global financial services company. The transaction closed on August 23, 2022.
Deals & Cases
July 28, 2010
On July 27, 2010, the United States District Court for the Southern District of New York granted a motion for judgment on the pleadings in favor of Cravath client Credit Suisse Group and its senior officers, dismissing the Section 10(b) securities fraud claims of all U.S. plaintiffs who purchased Credit Suisse common stock on the Swiss Stock Exchange. This is one of the first decisions to implement the Supreme Court’s recent ruling in Morrison v. National Australia Bank, which ruled that investors could not invoke the widely used federal securities law Section 10(b) and Rule 10b-5 after they buy and sell shares of foreign companies on non-U.S. exchanges. Plaintiffs argued that Morrison should be limited to foreign purchasers, but Cravath successfully argued that the bright-line test announced in Morrison also applied to U.S. purchasers who purchased securities listed on a foreign exchange.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. ©2024 Cravath, Swaine & Moore LLP.