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Switzerland's Federal Court has dismissed a lawsuit seeking damages from the government over losses in Credit Suisse shares. A married couple claimed they were misled by positive government statements about the bank's financial health before its takeover by UBS in March 2023. The court's ruling stated that the government's actions were justified, and the written reasons for the decision will be released later.
Deutsche Bank has obtained a financial services licence from the Financial Services Regulatory Authority in the Abu Dhabi Global Market (ADGM), enabling it to engage in regulated activities such as investment advising and credit arrangement. This move aligns with the bank's strategy to enhance its operations in the UAE and support regional economic initiatives like “We the UAE 2031” and the “Abu Dhabi Economic Vision 2030.” Jean-Pierre Habis has been appointed senior manager for the new ADGM branch, focusing on delivering tailored financial solutions to clients.
Deutsche Bank AG, a leading German banking group, is set to transfer risk on a $3 billion corporate loan book. The bank's income is primarily derived from retail and private banking (35.1%), investment and market banking (35.6%), and corporate banking (24.9%). As of the end of 2024, it managed EUR 666.3 billion in deposits and EUR 478.9 billion in loans through a global network of 1,307 branches.
Swiss Finance Minister Karin Keller-Sutter is appealing a Federal Administrative Court ruling that deemed unlawful the reduction or cancellation of bonuses for former Credit Suisse management. The court prioritized the protection of employment relationships, while Keller-Sutter argues that the extraordinary circumstances of CS's takeover by UBS warrant state intervention. UBS supports the appeal, hoping to maintain the financial attractiveness of its acquisition amid the ongoing legal scrutiny.
The Swiss Federal Supreme Court has rejected a couple's claim for CHF 54,600 in damages against the government over losses from Credit Suisse shares. The couple argued that they relied on positive government statements about the bank's financial health before its takeover by UBS in March 2023. The court will provide written reasons for its ruling later.
UBS has downgraded Puma SE to a 'Sell' rating, indicating potential concerns about the company's future performance. The information provided is for informational purposes only and does not constitute a recommendation to buy or sell securities, which carry inherent risks. No liability for the accuracy or completeness of the information is assumed.
Switzerland's Federal Department of Finance is appealing a court ruling that deemed its order to cut or eliminate bonuses for Credit Suisse executives unlawful. The Federal Administrative Court's decision is contested on the grounds that it overlooked critical factors, particularly the unforeseen circumstances surrounding Credit Suisse's acquisition by UBS. The case will now be reviewed by the Federal Supreme Court.
The Federal Supreme Court has rejected a couple's claim for compensation from the Swiss Confederation after they lost money on their Credit Suisse shares. The couple purchased 38,000 shares for CHF 84,636, believing the bank was stable based on statements from the Federal Council, but sold them for only CHF 30,187 following the bank's collapse and subsequent takeover by UBS. The court's decision applies solely to this case.
The Federal Court has dismissed a couple's lawsuit against the government for compensation after they lost money on their Credit Suisse shares. The couple purchased 38,000 shares based on the Federal Council's assurances of the bank's stability, but sold them for a significant loss following UBS's takeover announcement. They sought CHF 54,601 in damages, claiming the Confederation was responsible for their financial loss.
The Swiss government plans to appeal a court ruling that deemed the reduction or cancellation of bonuses for former Credit Suisse executives illegal. Following Credit Suisse's bankruptcy in March 2023 and its acquisition by UBS, the Federal Department of Finance had ordered the cuts, which the Federal Administrative Court later ruled unlawful. The government argues that the court did not adequately consider the exceptional circumstances surrounding the bank's takeover.
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