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.
“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.”
Quillon Law ranked in The Legal 500 UK Guide 2024
Quillon Law has been ranked in The Legal 500 UK 2024 guide for ‘Fraud: Civil’, ‘Banking Litigation: Investment and Retail’ and ‘Commercial Litigation: Mid-Market’.
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