FL-2022-000014 - [2025] EWHC 2631 (Ch)

The first claimant, Credit Suisse Virtuoso SICAV-SIF (“CSV”) is an investment company with independent legal personality incorporated under Luxembourg law. It has an umbrella structure divided into a number of subfunds that hold segregated assets and liabilities. The beneficial interests in the outstanding notes purchased under the Fairymead Note Programme with an aggregate principal face value of $439,999,710, i.e. the Fairymead Notes, are held by the SCF Subfund.

CSV was required under Luxembourg law to delegate the management of its subfunds’ assets to an Alternative Investment Fund Manager (“AIFM”). CSV’s appointed AIFM for the SCF Subfund was originally Credit Suisse Fund Management (“CSFM”). CSFM in turn delegated portfolio management functions in respect of the SCF Subfund to Credit Suisse Asset Management (Schweiz) AG (“CSAM”). CSFM and CSAM were both companies incorporated under Swiss Law.

CSFM and CSAM were deregistered from the Commercial Register of the Canton of Zurich on 1 October 2024 and 30 August 2024 respectively. Before their dissolution, UBS Asset Management (Europe) SA (“UBSAME”) succeeded to the rights and obligations of CSFM, and UBS Asset Management Switzerland AG (“UBSAM”) succeeded to the rights and obligations of CSAM.

Between late 2019 and mid-2021 Mr Eric Varvel was the Global Head of Asset Management responsible for Credit Suisse’s global Asset Management business.

The head of the Swiss and EMEA Asset Management divisions was Mr Michel Degen, who reported to Mr Varvel. Mr Degen’s team included Mr Luc Mathys (Head of Asset Management, Fixed Income) and Mr Lukas Haas (Portfolio Manager, CSAM).

The Second Claimant, GLAS, is a professional trustee company and the current note trustee for the Fairymead Notes (“the Note Trustee”). GLAS was appointed to that role on 28 February 2023 in place of Citibank, which had acted as the Note Trustee from the first issue of the Fairymead Notes in December 2019. Ms Dupee was a member of the Restructuring Group at Citibank which managed the operations of Citibank as Note Trustee.