Swiss court rules Credit Suisse bonus cuts were unlawful
A top Swiss court has ruled that the Swiss government's reductions and cancellations of bonus payments to former executives of Credit Suisse after the bank failed in 2023 were unlawful, according to the ruling published last night.
The bonus measures affected around 1,000 people, some of whom challenged the decision with Switzerland's Federal Administrative Court, which upheld their appeal.
"The variable remunerations reduced by the (Swiss finance ministry) were binding, employer-guaranteed claims deriving from a contractual employment relationship," the court said. "Such contractual claims are protected by the guarantee of ownership."
The ruling may be appealed to the Federal Supreme Court, the court said in a statement.
The finance ministry said it would analyse the ruling and consider lodging an appeal to the Supreme Court.
Credit Suisse collapsed in March 2023 and was taken over by its longstanding rival UBS in an operation orchestrated by Swiss authorities.
Acting upon the instructions of the federal cabinet, the finance ministry in May 2023 ordered Credit Suisse to reduce or scrap outstanding bonus payments for the bank's bosses.
UBS, which would have to pay out any restituted bonuses, said it took note of the court's decision.
The court's decision is likely to be closely watched by other parties affected by the demise of Credit Suisse.
In the aftermath of the bank's collapse, Swiss financial market regulator FINMA wrote down about $17 billion of Credit Suisse's Additional Tier 1 (AT1) debt, angering bondholders.
A number of bondholders have since filed lawsuits against Switzerland seeking compensation for their losses.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Irish Sun
2 days ago
- The Irish Sun
Referee PUNCHED by angry dad with brutal uppercut in shocking scenes during children's match
A REFEREE was brutally punched by an angry dad in shocking scenes at a children's football match. The incident took place after the full-time whistle. Advertisement 4 A dad punched a referee after a kids' football match in Switzerland Credit: Tele M1 4 The father allegedly landed the uppercut after a decision went against his son Credit: Tele M1 A dad of FC Villmergen C-Junior player flew off the handle at the official in Aargau, Switzerland. Villmergen lost 4-2 to SC Schoftland - suffering heartache in injury time. And for one parent, he completely lost his cool. The dad confronted the referee as he walked off the pitch. Advertisement READ MORE FOOTBALL NEWS Wearing a black vest and light shorts, according to He then proceeded to thump the official with a savage uppercut. The referee managed to stay on his feet as his assailant was restrained, video footage showed. A FC Villmergen coach labelled the father's behaviour as unacceptable and hinted the inexplicable reaction may have come after he thought his son was fouled. Advertisement Most read in Football The club are also considering what measures to take against the individual, with a possible ban against attending his son's matches. A statement read: "FC Villmergen condemns any form of violence on and off the pitch. "The incident following the match on May 31, 2025, deeply contradicts our core values. "We are working closely with the relevant authorities to fully clarify the situation." Advertisement The video footage has been passed on to the Aargau Football Association (AFV). The AFV president Luigi Ponte said: "I was truly shocked that someone could freak out like that during a game like that. "We will have to refer the case to Bern," where the Swiss FA are based. Just last month, Ponte openly declared he is "against the use of [referees wearing body] cameras" - despite a rise in similar cases against officials. Advertisement According to Swiss statistics, a referee is insulted, threatened or physically assaulted in one in every 100 football matches in the country. 4 The video footage has been passed on to the Swiss authorities Credit: Tele M1 4 The referee managed to stay on his feet as the dad was restrained Credit: Tele M1
The Irish Sun
2 days ago
- The Irish Sun
Suicide pod activist Dr Florian Willet takes own life after arrest over ‘murder' of woman who used euthanasia device
A SUICIDE pod activist has taken his own life after being interrogated over the murder of a woman who died in one of the euthanasia devices. Florian Willet, 47, suffered a mental health crisis after he was arrested by Swiss Police last year, according to Philip Nitschke, the inventor of the Sarco suicide capsule. 2 The Sarco assisted suicide capsule Credit: AFP 2 Florian Willet has taken his own life at 47 Credit: AFP Willet, from Germany, was the director of Last Resort, the Swiss suicide organisation which operated the Sarco pods. He was also a prominent right-to-die activist. The director was investigated for aiding and abetting suicide. As part of the probe, prosecutors investigated whether he strangled the woman, but that was ruled out. Willet was released in December after being held in pre-trial detention for 70 days. Nitschke, who also directs pro-assisted dying group Exit International, said: 'Gone was his warm smile and self-confidence. In its place was a man who seemed deeply traumatised by the experience of incarceration and the wrongful accusation of strangulation." He revealed that his colleague Willet sought help and went into hospital twice before his death on May 5. Willet reportedly died in Germany with the help of a specialist organisation, though it is not known exactly how he died. Most read in The US Sun Nitschke continued: 'To describe Florian is to talk of a man who was thoughtful, caring, funny, and friendly. He was an easy person to be around. 'But most of all, Florian was kind. Florian was also passionate about a person's right to choose when to die.' More to follow... For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos . Like us on Facebook at YOU'RE NOT ALONE EVERY 90 minutes in the UK a life is lost to suicide. It doesn't discriminate, touching the lives of people in every corner of society - from the homeless and unemployed to builders and doctors, reality stars and footballers. It's the biggest killer of people under the age of 35, more deadly than cancer and car crashes. And men are three times more likely to take their own life than women. Yet it's rarely spoken of, a taboo that threatens to continue its deadly rampage unless we all stop and take notice, now. That is why The Sun launched the You're Not Alone campaign. The aim is that by sharing practical advice, raising awareness and breaking down the barriers people face when talking about their mental health, we can all do our bit to help save lives. Let's all vow to ask for help when we need it, and listen out for others... You're Not Alone. If you, or anyone you know, needs help dealing with mental health problems, the following organisations provide support: CALM, Heads Together, Mind, Papyrus, Samaritans,
Irish Examiner
6 days ago
- Irish Examiner
Richard Satchwell found guilty of murdering wife Tina in 2017
Richard Satchwell has been found guilty of the murder of his wife Tina at their Cork home in 2017. The jury returned the verdict this afternoon after over nine hours of deliberations which resumed for a fourth day this morning. Mr Satchwell (58) with an address at Grattan st in Youghal had pleaded not guilty to the murder of Tina Satchwell, nee Dingivan, at their home on 19-20 March 2017, both dates inclusive. He had maintained to gardaí and gave multiple media interviews claiming he had returned home on 20 March to find she had disappeared, along with a sum of cash and two suitcases. Tina's remains were discovered in a shallow grave under the stairs of their home in October 2023. He then told gardaí that she "flew" at him with a chisel and she died as he tried to hold her off with a belt. The jury was told they could consider self-defence in the case and had a range of verdicts open to them with defence counsel Brendan Grehan SC saying there was no evidence in the case that Mr Satchwell intended to kill or cause serious injury to Tina. On the other hand, prosecuting counsel Gerardine Small SC told the court that Mr Satchwell's account was "absolutely farcical" and had more holes in it than a block of Swiss cheese. She also said the British truck driver had woven a "web of deceit" and was "shamelessly brazen". Members of Ms Satchwell's family cried in court following the delivery of the verdict. Meanwhile, Mr Satchwell showed little emotion after the verdict, while Mr Justice Paul McDermott thanked the jury and excused them from jury service for the next 10 years. The judge also acknowledged it was 'a difficult trial' as he repeated his thanks to the jury. He set Mr Satchwell's sentencing for 4 June. Read More Jury to return tomorrow to continue deliberations in Richard Satchwell murder trial
