HDFC Bank says Bahrain court rejects all seven Credit Suisse AT1 claims

HDFC Bank has secured seven favorable court rulings in Bahrain, stemming from a dispute over the mis-selling of Credit Suisse AT-1 bonds. The bank successfully defended itself against allegations of gross negligence, intentional misrepresentation, incorrect customer classification, and misuse of financial leverage. The Bahrain court found the investors had not provided sufficient evidence to support their claims or prove the losses suffered were due to the bank.

Consequently, the investors must bear the costs of the proceedings. These victories follow a similar outcome from India's National Consumer Disputes Redressal Commission, which ruled that HDFC Bank merely facilitated customer investments, not guaranteeing their success. The favorable judgments alleviate a key legal burden for HDFC Bank following the Credit Suisse AT1 bond write-down in March 2023, which caused significant losses for bondholders worldwide.