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Good morning from the Financial Times.

Today is Friday, April 21st, and this is your FT News Briefing.

Credit-swee spawned holders are suing the Swiss banking regulator.

US regional banks have stabilized after the collapse of Silicon Valley bank,

but the news isn't all good. Plus, we look at the impact that the US court battle over an abortion

pill could have on the future of the drug industry. I'm Sonya Hudson and from our

Filipino, and here's the news you need to start your day.

Former Credit-swee spawned holders are suing Switzerland's banking regulator, Finma.

The bond holders are upset over the recent sale of the bank to rival UBS.

That sale wiped out the value of $17 billion worth of convertible bonds.

But investors who owned equity in the bank were able to hold on to some of their stocks value.

Here's the FT's Austria and Switzerland correspondent Sam Jones.

Now, in any kind of standardized debt waterfall, any kind of bankruptcy process the world over,

everyone knows that equity holders are subordinate to debt holders.

So, the question is, why was it proportionate that equity holders in this situation should be given

some value, but debt holders not? And that issue of proportionality is specifically highlighted in

the Swiss Constitution. So, the case says that Finma, as an organ of the Swiss state,

is obliged to follow these constitutional principles.

So, Sam, what are the broader implications of this case? How significant is it?

I mean, it's hugely significant really because this is Switzerland.

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