Credit Suisse has been acquitted in a significant money laundering case involving Bulgarian cocaine traffickers.

The Federal Criminal Court overturned a previous conviction, which had found a former employee guilty of money laundering and the bank liable for failing to prevent the laundering of drug profits between 2004 and 2008.

The appeal, filed by the heirs of the deceased former employee and Credit Suisse, led to the court's decision, which emphasized the need to uphold the presumption of innocence.

As a result, the bank's previous penalties, including a fine of 2 million Swiss francs and a compensation claim exceeding 19 million francs, have been annulled.

UBS, which acquired Credit Suisse in March 2023, welcomed the ruling, noting that it effectively concludes the case, pending any potential appeal by Swiss federal authorities.