UBS and Credit Suisse Group create compensation fund for Biber shareholders.
UBS and Credit Suisse Group have set up a CHF 17 million compensation fund for shareholders of Biber Holding AG. The Swiss Federal Banking Commission (FBC) has taken note of and endorses this action.
UBS and Credit Suisse Group have decided to pay into a compensation fund proceeds of CHF 17.010 million (CHF 12.745 million at UBS and CHF 4.265 million at Credit Suisse Group) from the sale of Biber shares. The proceeds in the fund will be credited to shareholders of Biber Holding who bought Biber shares via the stock exchange between 14 September 1995 and 17 December 1996 and consequently incurred a net loss. UBS and Credit Suisse Group both sold Biber shares from their own holdings during this period. The fund has been created without recognition of any legal obligation on the banks' part.
The compensation fund is to be managed by attorney Karl Wüthrich of Wenger Plattner, and the distribution of fund capital is to be overseen by auditing firm Bankrevisions- und Treuhand AG. The fund manager will be publishing notices detailing the conditions of participation and outlining the procedure in the daily press at the beginning of February. Payment of fund dividends calculated on the basis of the recognized losses is expected to be made in the summer of 2001.
In setting up the compensation fund, the two banks have found a solution which has been noted and endorsed by the FBC.
In December 1999 UBS, Credit Suisse Group and the receivers appointed for Biber Holding AG and Alte PBU signed a settlement under which the two banks agreed to forgo dividends totaling CHF 40 million. As a consequence, the bankruptcy dividend for non-financial creditors of Biber Holding and Alte PBU could be raised to 100%. Following the courts' rejections of objections filed by a group of Biber Holding shareholders against this settlement, the final precondition for establishing the compensation fund has been satisfied.
Basel/Zurich, 31 January 2001
Credit Suisse Group
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