Core Viewpoint - A major law firm in Singapore, Drew & Napier, is preparing to file claims against the Swiss government for compensation on behalf of Asian bondholders of Credit Suisse AT1 debt that was eliminated in 2023 [1][2]. Group 1: Legal Actions and Claims - Drew & Napier is representing approximately 560 bondholders from Japan, Hong Kong, and Singapore, with plans to initiate investment treaty claims starting with Japanese bondholders [1][6]. - The firm has already sent trigger letters to the Swiss government in December 2024 and May 2025, which is a prerequisite for starting the claims process under bilateral investment treaties [5][6]. - The Swiss Federal Administrative Court ruled that the March 2023 decree to write down 16.5 billion Swiss francs ($20.8 billion) of AT1 bonds was unlawful, marking a significant step for the bondholders [2][3]. Group 2: Financial Implications - The total losses incurred by the bondholders are estimated to be around $300 million, which the claims aim to recover from the Swiss government [2][6]. - The complete writedown of the AT1 bonds has raised concerns among investors, as it deviated from the typical practice where shareholders absorb losses before bondholders [4]. Group 3: Legal Framework and Support - The claims are based on long-standing bilateral investment treaties between Switzerland and the affected countries, which provide protections against expropriation and unfair treatment [6]. - Litigation-funding firm Omni Bridgeway Ltd. has agreed to cover the legal fees for the investors involved in the claims [6].