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Japanese investors plan to sue MUFG unit over Credit Suisse bonds

Lawyer claims brokerage failed to fully explain risks of so-called AT1 securities

Mitsubishi UFJ Morgan Stanley sold roughly 70% of the more than $1 billion of Credit Suisse AT1 bonds purchased by Japanese investors, according to the Japanese government. (Source photo by Reuters)

TOKYO -- Japanese investors are planning to file lawsuits against Japan-based brokerages including Mitsubishi UFJ Morgan Stanley Securities over their sale of so-called AT1 bonds issued by Credit Suisse, Nikkei Asia has learned, opening a new front in the global legal battle over the investments.

Taiju Yamazaki, a former Bank of America Securities lawyer, said he expected that his first action would be filing a group suit in Tokyo on behalf of Mitsubishi UFJ Morgan Stanley Securities clients seeking to claw back losses on their Credit Suisse additional tier-1 bonds.

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