Berlin (Reuters) – The Swiss government announced on Friday its intention to appeal the court decision having ruled that the reduction or cancellation of variable premiums paid to former members of the Credit Suisse was illegal.
The Credit Suisse bank was declared bankrupt in March 2023 before being bought by its competitor UBS as part of an operation supported by the Confederation authorities.
The Federal Department of Finance (DFF) ordered in May 2023 in Credit Suisse to reduce or remove the premiums paid to the leaders of the Swiss Bank. The Federal Administrative Court (TAF), however, judged last week that this decision was illicit.
“The DFF disputes the judgment of the TAF and decided to bring the case before the Federal Court, which will have to decide on the last instance,” the ministry said in a statement.
“The DFF considers that the TAF has not taken into account essential elements in its interpretation of the legal bases, in particular by not taking into consideration the exceptional circumstances which led to the resumption of the Credit Suisse, which could not have been provided by the legislator,” adds the ministry.
(Written by Thomas Seythal; Claude Chendjou, edited by Blandine Hénault)
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