Credit Suisse has sued a popular Zuque finance blog over what it says are abusive and unverified comments included in reports about the Swiss bank since its chief executive, Ulrich Körner, took office.
Lawyers acting on behalf of Credit Suisse filed the 256-page lawsuit against Inside Paradeplatz and its publisher, Lukas Hässig, at the Zurich Commercial Court earlier this month.
“I’ve been sued before, but this is the biggest yet,” Hässig told the Financial Times after the lawsuit was made public on Monday. “I have to fight this—what other option do I have?”
The lawsuit calls for the removal of all 52 blog articles published between July 27 — the date Körner was announced as the new chief executive and October 28 — related to Credit Suisse, as well as the reader comments that appear under the articles. .
Credit Suisse has set the costs of the case at 300,000 Swiss francs (R$1.7 billion) and is also suing the blog for all the profit it has generated since July 27, plus 5% interest.
In a statement, Credit Suisse said it had asked a judge to rule on the “legality of readers’ comments” on the blog.
“We are taking this step to protect our employees, who are routinely the target of abusive and derogatory comments on the blog,” he said.
In the lawsuit, Credit Suisse said it supports a “free and critical press”. But he added that, through the blog’s coverage, the bank’s management team was “devastated with insults and … under oath, customers and employees are actively encouraged to leave the bank.”
“The countless anonymous online commenters have so much fun with the subject, venting their utter disdain on the blog out of amusement or frustration, which in turn elicits numerous reactions from readers and therefore leads to more clicks,” he added.
Hässig told the Financial Times that he is “a fan of being liberal with all comments”, adding: “It’s my responsibility in the end. I blackout from time to time, but I believe in free speech broadly”.
He was also sued last month by Swiss publisher Ringier.
Zurich bankers have long complained about the coverage they receive from Inside Paradeplatz, which mixes lewd gossip and controversial commentary with insider information. But the blog is essential daily reading for the close-knit Swiss financial community.
In June, the blog caused a storm when it published a story saying that Boston-based State Street was planning a CHF23 billion takeover bid for Credit Suisse, based on a single source.
While both banks later denied the story, after initial reporting and press coverage, Credit Suisse stock rose 12% and State Street stock fell 5%.
In 2015, Credit Suisse tried to sue Inside Paradeplatz over three articles published by Hässig that compared the Swiss bank to FIFA, world football’s governing body, which was at the center of a global corruption scandal.
The blog was also the subject of legal action by UBS, Switzerland’s largest bank, in 2019 over descriptions by Markus Diethelm, the bank’s then chief legal officer.
Diethelm is currently general counsel at Credit Suisse and has taken a hard line in fighting and resolving past lawsuits surrounding the bank.
He worked closely with Körner and Credit Suisse chairman Axel Lehmann at UBS.
Translated by Luiz Roberto M. Gonçalves
I have over 10 years of experience working in the news industry. I have worked for several different news organizations, including a large news website like News Bulletin 247. I am an expert in the field of economics and have written several books on the subject. I am a highly skilled writer and editor, and have a strong knowledge of social media. I am a highly respected member of the news industry, and my work has been featured in many major publications.
