Credit Suisse Bonuses Ruling Challenged by Swiss Government to Top Court
The Swiss finance ministry appealed a ruling that a dozen ex- Credit Suisse bankers were unlawfully stripped of their bonuses when UBS Group AG bought its collapsing rival, setting up a potential showdown in the country's highest tribunal between the government and a cadre of top bankers.
The Swiss court 'failed to take key aspects into account, in particular by not considering the exceptional circumstances leading up to the takeover of Credit Suisse, which the legislator would not have been able to foresee,' the finance ministry said in a statement on Friday. It has lodged an appeal at the Swiss supreme court, it said.
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