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Credit Suisse Hit With Historic Money Laundering Conviction

  • Top Swiss criminal court rules in landmark suit against lender
  • Ex-relationship manager also convicted of money laundering
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Cocaine. Stashes of cash. A down-on-his-luck Bulgarian wrestler. For days during the February trial, the lurid details captivated Swiss finance as Credit Suisse Group AG faced charges that it had failed to prevent a drug trafficker from laundering millions. 

On Monday, the verdict was in: guilty -- a historic judgment for the bank in the first ever criminal conviction of a major Swiss lender in the country’s history. The ruling, in which a former relationship manager at the bank was also convicted on money laundering charges, was handed down by Switzerland’s top criminal court on Monday afternoon.