ICSID Orders Confidentiality in Credit Suisse AT1 Arbitration Against Switzerland
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TL;DR
- ICSID tribunal orders most Credit Suisse AT1 arbitration material to remain confidential.
- Only a redacted award will be published after party review.
- Requests for Swiss government documents remain unresolved and confidential.
- Switzerland seeks security for costs; details are not public.
Overview
The ICSID tribunal in Hiroshi Osumi v Swiss Confederation (ARB/26/1) has issued a procedural order specifying a confidentiality regime over the record in the Credit Suisse AT1 bondholder arbitration.
The order mandates that most hearings, evidence, and filings, including requested Swiss government documents, will not be publicly disclosed, with only a redacted award to be published.
Switzerland is defending its erasure of CHF16.5 billion of AT1 bondholder claims, while claimants sought production of over 500 documents cited in a Swiss parliamentary inquiry.
What Happened
On July 10, 2026, the ICSID tribunal in Hiroshi Osumi v Swiss Confederation (ARB/26/1) issued Procedural Order No. 2, establishing strict confidentiality over the arbitration record.
This procedural order mandates that hearings, evidence, and most party filings will remain confidential; only a redacted version of the final award is to be published.
Osumi, representing Japanese bondholders, had requested the production of 592 Swiss documents cited in the 2024 Swiss parliamentary inquiry into Credit Suisse's collapse. The tribunal declined to compel immediate disclosure but left the possibility open for a later stage.
The order emerged as Switzerland requested security for legal costs and arrangements for advances on arbitration costs, with details of these requests also kept confidential under the order's terms.
Context
The case follows FINMA's 2023 write-off of Credit Suisse Additional Tier 1 (AT1) bonds, a measure that erased CHF16.5 billion in private investor claims amid the bank's collapse.
Claimants allege Switzerland breached international obligations in handling the AT1 instrument write-down.
Parallel litigation in Swiss and US courts has also encountered disclosure restrictions for key documents.
Why It Matters
- The tribunal's order shapes the public's ability to review government conduct in the CHF16.5 billion AT1 bond write-off.
- Most evidence and key procedural steps in the ICSID arbitration will remain inaccessible except for a redacted award.
- The regime may affect oversight of how Switzerland's authorities managed the collapse of Credit Suisse and its aftermath for investors.