Credit Suisse investor furious over state intervention to set up emergency merger

Ethos Foundation is considering legal action over override of shareholder vote in deal with UBS

One of Credit Suisse Group’s biggest shareholder groups says the rushed merger of its bank with UBS Group at the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.

Ethos Foundation, which acts as a proxy adviser for pension funds and other members holding between 3% and 5% of the bank’s stock and $400bn in assets, said on Monday that it is considering the possibility of legal action over the sale. However, options through the courts are currently limited. ..

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