KPMG, alongside ex-Credit Suisse leaders, emerge unscathed from a hefty US lawsuit, marking a key win amidst ongoing legal battles over the bank’s downfall.

KPMG executives, alongside former executives of Credit Suisse, successfully dismissed a US lawsuit that cast a spotlight on alleged mismanagement contributing to the bank’s crisis, claims Reuters. The 92-page judgment by US District Judge Colleen McMahon in Manhattan cleared the parties of racketeering accusations, delineating a crucial legal triumph.

The lawsuit targeted 29 former Credit Suisse officials and KPMG, accusing them of nurturing a “corrupt culture” that supposedly sparked a slew of scandals, resulting in over $30 billion in fines and losses. It underscored the bank’s share value nosedive from $33.84 in 2013 to a mere $2.01 before UBS’s acquisition, painting a grim picture of the bank’s financial health.

Allegations of “active complicity” were levied against KPMG, suggesting their deep entanglement in Credit Suisse’s operational woes. However, Judge McMahon dismissed these claims, emphasizing that stock price declines are internal corporate issues, not ones that shareholders should rectify.