Credit score Suisse’s 2022 conviction for failing to stop the cash laundering of a cocaine seller’s earnings was overturned by a Swiss appeals court docket following the dying of considered one of its former staff who was discovered responsible within the case.
A., as the previous banker can solely be named, died in April 2023 following a long-running sickness, complicating the appeals course of. The Swiss Appeals court docket dominated on Wednesday that it “in view of A.’s dying, it was not attainable to look at the financial institution’s” alleged breach “with out violating the presumption of innocence of the deceased.”
Subsequently, the court docket stated, the financial institution ought to be acquitted and compensation it was ordered to pay of 19 million Swiss francs ($21.5 million) be canceled.
Underneath Swiss legislation, prosecutors can press prison costs in opposition to banks in the event that they imagine these establishments didn’t do sufficient to display screen purchasers and stop prison wrongdoing. Credit score Suisse’s conviction was considered one of quite a lot of court docket circumstances and lawsuits that UBS had appeared to resolve because the takeover of its troubled former rival in 2023.
UBS stated in an announcement that it “welcomes the court docket’s determination to acquit the financial institution in reference to a legacy matter associated to Credit score Suisse.”
Copyright 2024 Bloomberg.
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