Credit Suisse has been acquitted by a top Swiss court of a previous conviction related to its failure to prevent money laundering linked to a Bulgarian cocaine trafficking operation.
The ruling overturns the previous finding that held the bank accountable for its role in facilitating illicit financial activities.
This legal development comes after Credit Suisse's collapse in 2023, which was caused by a series of scandals and operational setbacks, ultimately leading to its acquisition by UBS.
The case highlights ongoing challenges within the banking sector regarding compliance and regulatory oversight in the face of criminal activities.