UBS Challenges Credit Suisse Acquittal in Money Laundering Case
(Reuters) -The Swiss federal prosecutor has appealed against a court decision to acquit collapsed lender Credit Suisse, now part of UBS, in a money laundering case of a Bulgarian cocaine trafficking gang, reviving the legal issue for the bank.
In a ruling seen as a test case for the prosecution of banks, Credit Suisse was initially found guilty of failing to do enough to stop the laundering of profits through the lender from 2004 to 2008.
The bank was acquitted by the Federal Criminal Court in November.
The federal attorney general's office in January requested a nullification of the acquittal and in March lodged an appeal with the Swiss Supreme Court, the prosecutor said on Friday, declining to provide further information on the timeline ahead.
UBS referred to the litigation note in its first-quarter report when contacted for comment by Reuters.
The note mentions the prosecutor's appeal and says the bank has lodged its own appeal, focusing on whether a successor entity by merger can be criminally liable for acts of its predecessor.
($1 = 0.8318 Swiss francs)
(Reporting by Ariane Luthi; Editing by Susan Fenton)
