Creditincome Limited v. the Swiss Confederation — 2d Cir. (Jun 25, 2026)

No. 25-2733 Argued June 25, 2026 Published August 11, 2026; updated August 20, 2026

The Second Circuit hears Creditincome Limited versus the Swiss Confederation. Bondholders lost their investments when Swiss regulators wrote Credit Suisse's additional tier one bonds down to zero during its emergency takeover by UBS. Their appeal asks whether Switzerland can be sued under the Foreign Sovereign Immunities Act, which generally protects foreign governments from lawsuits in American courts, or whether its loans, guarantees, and merger negotiations fall within the Act's commercial-activity exception. John Bash of Quinn Emanuel will ask the court to revive the suit. Anitha Reddy, then of Wachtell Lipton, will argue that Switzerland acted as a sovereign market regulator and remains immune. The court later affirmed the dismissal, holding that Switzerland acted as a government rather than a commercial market participant.

Creditincome Limited v. the Swiss Confederation (No. 25-2733) — U.S. Court of Appeals for the Second Circuit, argued June 25, 2026.

Sources

Argument audio — U.S. Court of Appeals for the Second Circuit (public domain, 17 U.S.C. § 105):https://ww3.ca2.uscourts.gov/audio/25-2733.mp3

Argument listing — U.S. Court of Appeals for the Second Circuit:https://ww3.ca2.uscourts.gov/oral_arguments.html

Opinion — U.S. Court of Appeals for the Second Circuit:https://ww3.ca2.uscourts.gov/decisions/OPN/25-2733_opn.pdf

Appellate docket — PACER entries mirrored by Justia:https://dockets.justia.com/docket/circuit-courts/ca2/25-2733

Opinion and independent summary — Justia:https://law.justia.com/cases/federal/appellate-courts/ca2/25-2733/25-2733-2026-07-16.html

John F. Bash — Quinn Emanuel:https://www.quinnemanuel.com/attorneys/bash-john

Anitha Reddy — Gibson Dunn:https://www.gibsondunn.com/lawyer/reddy-anitha/

0:00Introduction