The case

With the end of Credit Suisse, UBS also wanted to close the proceedings surrounding the so-called ‘Bulgaria connection’. Now the Federal Criminal Court put their foot down, stating that UBS are responsible for solving these problems.

Source: Tribunal penal federal 

The commentary

The UBS had applied for the proceedings to be discontinued, arguing that the end of CS also meant the end of the criminal proceedings against them. In their ruling the court stated that it did not support this view.

In the judgement published yesterday, the judges referred to the merger agreement between the two major banks, which provided not only for the takeover of capital, premises and staff, but also for CS’s position in all court procedures as well as arbitration and administrative proceedings.

The judgement is not yet legally binding. UBS has the right to appeal to the Federal Supreme Court.

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