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A couple who purchased 38,000 shares in Credit Suisse shortly before its collapse sought compensation from the Swiss Confederation, claiming reliance on reassuring statements from the Federal Council. The Federal Supreme Court dismissed their claim, stating that investors must bear market risks and that no illegal act by officials caused their losses. The couple was ordered to pay CHF 3,500 in legal costs.
The Swiss finance ministry plans to appeal a court ruling that deemed the blocking of bonuses for former Credit Suisse executives unlawful. The Federal Administrative Court stated that the bonuses were guaranteed claims protected by ownership rights, while the ministry argues that the court overlooked critical factors, including the unforeseen circumstances surrounding Credit Suisse's merger with UBS.
Dutch bank ING is exploring options to acquire a U.S. banking license to enhance its access to dollar liquidity, as it currently lacks a master account at the Federal Reserve. This move aims to facilitate traditional banking activities for its U.S. corporate and institutional clients. ING is assembling a team to engage with officials regarding the licensing process.
Pleadings on state liability in the Credit Suisse case concluded before the Federal Supreme Court, with the plaintiffs seeking CHF 56,000 for losses incurred after purchasing shares based on reassurances from the Federal Council. The government argued that state liability requires proof of unlawful acts causing damage, which was not established. The court is expected to deliver its verdict on Friday.
The Federal Department of Finance is appealing a ruling by the Federal Administrative Court that deemed the cuts to bonuses for Credit Suisse management unlawful. The court ruled that the bonuses, amounting to CHF 60 million for around a thousand former employees, are protected claims under employment contracts. The FDF argues that the court did not consider the extraordinary circumstances surrounding Credit Suisse's merger with UBS.
Credit Suisse bankers may face another setback as Swiss politicians initiate a legal challenge that could block their bonuses. This development adds to the ongoing scrutiny surrounding the bank's compensation practices amid financial instability.
The Federal Department of Finance is appealing a ruling by the Federal Administrative Court that deemed the reduction and elimination of bonuses for former Credit Suisse executives unlawful. This decision follows the takeover of Credit Suisse by UBS, where the FDF had mandated cuts to variable remuneration. The government argues that the court overlooked critical factors related to the extraordinary circumstances of the acquisition.
The federal government is appealing a ruling by the Federal Administrative Court that deemed the reduction and elimination of bonuses for former Credit Suisse executives unlawful. Following the bank's takeover by UBS, the Federal Department of Finance had ordered these measures under the Banking Act, but the court found them illegal. The government argues that the court overlooked critical factors, particularly the extraordinary circumstances surrounding the acquisition.
The Federal Department of Finance (FDF) has appealed to the Federal Supreme Court against a ruling by the Federal Administrative Court (FAC) that deemed the reduction or abolition of bonuses for former Credit Suisse executives unlawful. The FDF argues that the FAC overlooked critical factors, particularly the extraordinary circumstances surrounding Credit Suisse's acquisition after government loans were granted in March 2023. The final decision will rest with Switzerland's highest legal authority.
The Federal Department of Finance is appealing a Federal Administrative Court ruling that deemed the reduction and elimination of bonuses for former Credit Suisse executives unlawful. The court ruled that these bonuses are contractual rights protected by constitutional guarantees, and the FDF argues that the judges overlooked critical legal aspects related to the extraordinary circumstances of Credit Suisse's acquisition by UBS.
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