BERLIN (Reuters) -The Swiss government on Friday announced it will appeal a court decision that found the reduction or cancellation of variable bonus payments for former members of failed banking giant Credit Suisse management was unlawful.
Credit Suisse collapsed in March 2023 and was taken over by its longstanding rival UBS in an operation orchestrated by Swiss authorities.
Acting upon the government’s instructions, the finance ministry in May 2023 ordered Credit Suisse to reduce or scrap outstanding bonus payments for the bank’s bosses.
The finance ministry now said that the Federal Administrative Court’s interpretation of the legal basis in its decision last week “failed to take key aspects into account, in particular by not considering the exceptional circumstances leading up to the takeover of Credit Suisse, which the legislator would not have been able to foresee”.
(Reporting by Thomas Seythal; editing by Matthias Williams)
