Credit Suisse has been acquitted by a top Swiss court in a significant money laundering case involving Bulgarian cocaine traffickers, overturning a previous conviction from 2022.

The Federal Criminal Court had found a former employee guilty of money laundering and held the bank accountable for failing to prevent the laundering of drug profits between 2004 and 2008.

The appeal court ruled that the presumption of innocence for the deceased former employee could not be violated, leading to the bank's acquittal and the annulment of a compensation claim against it.

In 2022, Credit Suisse faced a fine of 2 million Swiss francs and was ordered to pay over 19 million francs in compensation related to the traffickers' assets.

UBS, which acquired Credit Suisse in March 2023 amid financial turmoil, welcomed the court's decision, which effectively concludes the case, pending any appeal by Swiss federal authorities.