The Swiss Criminal Court announced on April 10 2026 that it had discontinued proceedings against UBS Group AG in a case linked to the “tuna bond” scandal that originated with Credit Suisse. The court’s ruling, issued on April 8, held that criminal liability cannot be transferred to a legal successor through a merger, a principle that aligns with Swiss and European human‑rights conventions.
The decision removes a legal challenge that UBS inherited when it took over Credit Suisse in March 2023. By ending the case, UBS eliminates a potential source of regulatory scrutiny and reputational damage that had followed the bank’s acquisition of Credit Suisse’s assets and clients. The ruling also clarifies that UBS cannot be held liable for offenses committed by Credit Suisse before the merger, thereby protecting the bank’s legal standing in future investigations.
UBS management welcomed the court’s ruling. “We welcome the court’s recognition that UBS cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger,” the bank said. The decision allows UBS to concentrate on completing the integration of Credit Suisse, which is near full completion by the end of 2026. Key milestones already achieved include the final stage of core IT system migration and the transfer of Swiss‑booked clients, completed in March 2026.
The case stemmed from more than $2 billion in loans that Credit Suisse granted to Mozambique’s state‑owned companies between 2013 and 2016. The loans were intended to support maritime security and tuna‑fishing projects but were allegedly misused, contributing to a debt crisis in Mozambique and prompting international investigations into money laundering and bribery. The Swiss court’s ruling therefore has broader implications for how successor banks are treated in similar legal disputes.
While the decision is a positive development for UBS’s reputation, no specific market reaction data were identified in the fact‑check report. The ruling nonetheless represents a significant legal win for the bank and a clear signal that its integration strategy can proceed without the shadow of this inherited litigation.
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