Credit Suisse Cocaine Case Overturned With UBS Acquittal
- Credit Suisse convicted for failing to stop money laundering
- UBS took over responsibility of the case and others last year
The conviction was one of a number of court cases and lawsuits that UBS had looked to resolve since the takeover of Credit Suisse in 2023.
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Credit Suisse’s 2022 conviction for failing to prevent the money laundering of a cocaine dealer’s profits was overturned by a Swiss appeals court following the death of one of its former employees who was found guilty in the case.
A., as the former banker can only be named, died in April 2023 following a long-running illness, complicating the appeals process. The Swiss Criminal Appeals Court ruled on Wednesday that it “in view of A.’s death, it was not possible to examine the bank’s” alleged breach “without violating the presumption of innocence of the deceased.”