Lawsuit against UBS in the USA in connection with former CS CEO
Published: Wednesday, Nov 6th 2024, 10:10
Back to Live Feed
According to a report in the "NZZ" (Wednesday edition), a French businessman is claiming millions in damages from UBS and its current subsidiary Credit Suisse. The lawsuit was filed in the USA and is related to former CS CEO Tidjane Thiam.
According to the newspaper, the man claims that he was under surveillance by CS between 2016 and 2019. The reason for this was the secret relationship that his former wife had with Thiam.
It was only with the help of lawyers that he finally received confirmation from CS that Thiam had ordered him to be followed in Hong Kong in November 2016, the article continues. The man is therefore accusing Credit Suisse of attempting to conceal the shadowing, among other things, and is therefore demanding damages of at least USD 15 million from CS and UBS.
According to the report, the lawsuit was filed last April in a local court in the US state of Washington. Extensive documents relating to the case can also be found there, including a motion by UBS to dismiss the case. However, the US court rejected this around a month ago.
The case is interesting insofar as it is another chapter in the so-called shadowing affair at the former CS. At the end of 2019, it came to light that CS had top manager Iqbal Khan, who now works at UBS, and other top executives shadowed. Thiam then had to leave the bank shortly afterwards.
UBS did not wish to comment on the newspaper report on Wednesday when asked by the news agency AWP.
©Keystone/SDA
English 
German 
French 
Spanish 
Arabic