UBS has been acquitted by the Federal Criminal Court in a case involving allegations of facilitating money laundering for the Bulgarian mafia.
This decision comes as UBS inherited the case from Credit Suisse, which had previously been found guilty in the first instance due to inadequate supervision.
As a result of the acquittal, UBS will no longer face fines or compensation claims amounting to approximately CHF 40 million.
In June 2022, Credit Suisse was fined CHF 2 million for its role in the criminal activities linked to the Bulgarian mafia.
The recent ruling marks a significant turn of events for UBS in this high-profile case.