The Ethos Foundation joins LegalPass’s class action on behalf of Credit Suisse shareholders
Lausanne, 4 July 2023 – LegalPass, the Lausanne-based legal start-up that launched Switzerland’s first class action for Credit Suisse shareholders on 15 June 2023, has announced that the Ethos Foundation has decided to support it in its legal action to challenge the exchange ratio set as part of the takeover of Credit Suisse by UBS.
Since this takeover was announced on 19 March, the Ethos Foundation has objected to the way in which the shareholders have been treated, and in particular to the fact that they were unable to exercise their rights in a vote at the Annual General Meeting. The support from Ethos for Credit US helps to enhance the success that LegalPass’s class action has met with. The Ethos Foundation is taking part in the financing of the Credit US action but does not receive any compensation from LegalPass.
“The support of the Ethos Foundation, which is reputed for its expertise and integrity, means a great deal to us. We thank them for their trust and will do our utmost to defend the shareholders’ interests”, said Philippe Grivat, co-founder of LegalPass.
All shareholders are able to join the Credit US action via the www.legalpass.ch platform. Shareholders can take part in this action by paying a few cents per share, at a rate that is degressive based on volume. The minimum contribution is CHF 120.-. The aim is to obtain for shareholders cash compensation that corresponds to the difference in value between the share price determined in the merger contract and the price determined by the court. It is possible to participate until 20 July 2023.
“An increasing number of us are uniting around this cause. In less than three weeks, we have already attracted more than 250 participants and we’re more than 80% of the way to our target”, confirmed Alexandre Osti, co-founder of LegalPass, enthusiastically.
Co-founder – Attorney-at-law
Co-founder – Attorney-at-law
About LegalPass SA
Established in 2022 by two attorneys-at-law, Philippe Grivat and Alexandre Osti, LegalPass is a Swiss start-up whose mission is to make the law affordable for everyone. LegalPass usually focuses on the areas of law that particularly affect the general public.
For the time being, it deals in particular with debt collection and road-traffic law, but its aim in the future is to cover all the most common areas of law.
With its virtual assistant, LegalPass assists SMEs and private individuals with solving their legal problems by helping them to create their legal documents or find a suitable lawyer at a reduced fee. With the Credit US legal action, LegalPass intends to make the law affordable by enabling thousands of small Credit Suisse shareholders to collectively make their voice heard at an affordable cost.