The weekend market study, Saturday Asia Briefing, highlighted the international investment bank UBS Group’s takeover of the failing investment banking business Credit Suisse. The paper also detailed the Supreme Court’s first hearing on cryptocurrency, which focused on Coinbase’s arguments on the arbitration of two claims.
UBS-Credit Suisse deal, crypto’s Supreme Court
According to Bloomberg, the Television platform, they shared a Twitter thread that quoted that UBS was working on a deal with Credit Suisse while the crypto case was heading to the Supreme Court. This was mentioned in their 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
Significantly, investors lost faith in Credit Suisse when it failed to provide an emergency liquidity lifeline. According to persons familiar with the situation, Swiss authorities attempted to combine UBS, the Swiss banking behemoth, with Credit Suisse as a resolution source.
It was previously disclosed that the Boards of Directors of the two Swiss banks would be called to an official meeting on Saturday to examine the chances the institutions would have after they have come together. The banks are not as enthused about the unity of the various financial groups, even though the regulators are pretty interested in it.
Lawsuits looming over Coinbase
Similarly, the biggest cryptocurrency exchange, Coinbase, has been defending against two lawsuits: one filed by Abraham Bielski and the other by consumers who have previously used Coinbase. Plaintiff Bielski submitted a claim for monetary damages of $31,000, stating that he had lost the sum to a con artist who had entered his Coinbase account with the knowledge of the company.
In the second case, former clients claimed that Coinbase deceived them into spending more than one hundred dollars to participate in a sweepstake to win prizes of up to one million and a half dollars’ worth of Dogecoin.
Significantly, Coinbase asks the court to stop the trial proceedings, arguing that the trial court proceedings are supposed to end automatically whenever a party files a significant appeal to compel arbitration. Coinbase’s request is important because it claims that the trial court proceedings are supposed to end automatically. The appeal is scheduled to be made in front of the Supreme Court on Tuesday that follows.
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