ubs takes over credit suisse in appeal of money laundering trial

UBS has become the defendant in the appeal related to the "Bulgarian Connection" money laundering trial after acquiring Credit Suisse in 2024.

The Federal Criminal Court in Bellinzona has initiated proceedings, and UBS is seeking to suspend and close the case.

This appeal is a result of a CHF 2 million judgment against Credit Suisse in June 2022. Credit Suisse had initially appealed the verdict in late 2023.

In addition to UBS, two other defendants, a Bulgarian associate of drug trafficker Evelin Banev and a former banker from Julius Baer, are also challenging the ruling.

The Swiss Federal Prosecutor's Office has joined the appeal, indicating a broader interest in the outcome of the case.

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