UBS has been acquitted in a significant legal case involving Credit Suisse and allegations of money laundering linked to a Bulgarian cocaine trafficking gang.

A Swiss court overturned a previous conviction that had imposed a fine of 2 million Swiss francs ($2.3 million) on Credit Suisse, which is now part of UBS.

The original ruling, delivered in 2022, found a former employee guilty of money laundering and determined that the bank had not taken adequate measures to prevent such activities from 2004 to 2008.

Following the death of the ex-employee in April 2023, her heirs and the bank appealed the conviction in November.

The Swiss Federal Criminal Court stated that it could not examine the alleged violations of the criminal code without infringing on the presumption of innocence.

UBS noted that this verdict concludes a legacy matter related to Credit Suisse, although it remains subject to an appeal by the Swiss federal attorney general's office.