UBS Acquires Credit Suisse and Supreme Court Hears Coinbase
- The Saturday Asia Briefing discussed UBS’s acquisition of Credit Suisse as well as the Supreme Court’s first hearing on crypto.
- The Swiss regulators have been encouraging UBS and Credit Suisse to merge after the fall of the latter.
- The Supreme Court would hear Coinbase’s appeal to consider the arbitration of two lawsuits on Tuesday.
The Saturday Asia Briefing, the weekend market analysis, highlighted the multinational investment bank UBS Group’s acquisition of the falling investment banking company Credit Suisse. The report also narrated the Supreme Court’s first hearing on crypto, regarding Coinbase’s arguments on the arbitration of two lawsuits.
Interestingly, Bloomberg, the Television platform shared a Twitter thread quoting “UBS works on a deal with Credit Suisse, while crypto heads to the Supreme Court: Saturday Asia Briefing”:
UBS works on a deal with Credit Suisse, while crypto heads to the Supreme Court: Saturday Asia Briefing https://t.co/JHD7haLtYQ
— Bloomberg (@business) March 18, 2023
Notably, subsequent to Credit Suisse’s failure of an emergency funding lifeline, the investors lost trust in the Swiss bank. According to the people familiar with the matter, the Swiss regulators sought to merge UBS, the Swiss banking giant, and Credit Suisse, as a source of resolution.
It has been revealed earlier that the Boards of the two Swiss banks would be summoned for an official meeting on Saturday to discuss the opportunities of the banks once merged. Though the regulators are much interested in the union of the financial bodies, the banks seemingly are less enthusiastic.
Similarly, the leading crypto exchange Coinbase (NASDAQ:) has been fighting against two lawsuits, one filed by Abraham Bielski and the other by former Coinbase customers. The plaintiff Bielski asked for compensation of $31,000, alleging that he had lost the amount to a scammer who accessed his account with the knowledge of Coinbase.
In the second lawsuit, the former customers of the company alleged that Coinbase manipulated them into paying more than $100 to enter a sweepstake, offering a chance to win rewards up to $1.2 million in .
Significantly, Coinbase seeks the court to cease the trial proceedings arguing that the trial court proceedings are supposed to be ended automatically when a party files a significant appeal to compel arbitration. The appeal is supposed to be presented in front of the Supreme Court the next Tuesday.
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