Partner Mark Hastings comments in The Banker and Global Finance on the litigation facing Credit Suisse over legacy issues
May 3, 2023
Partner Mark Hastings examines the challenges UBS faces in resolving historic issues affecting Credit Suisse, and how the bank may likely approach Credit Suisse-related litigation given the reputational risks involved.
Mark’s comments were published in The Banker, 2 May 2023, which can be read here and in Global Finance Magazine, 2 May 2023, which can be read here.
“This case exemplifies the uphill battle UBS faces to resolve the legacy issues it will inherit in its controversial takeover of Credit Suisse.
“It will be interesting to see how the trial plays out especially in the context of the public and political divisions in Switzerland over the bank’s collapse and cultural problems.
“The outcome of this case may well also set precedent for UBS’ approach to handling the myriad Credit Suisse-related legal claims it is inheriting, and whether UBS will decide to simply settle other legacy claims behind closed doors in order to avoid further public scrutiny in Switzerland and internationally.
“Given the outcry following the writeoff of $17 billion of Credit Suisse bonds last month, UBS may wish to keep protracted litigation to a minimum for reputational purposes.”
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