Switzerland’s highest court has ruled that former employees of investment bank Credit Suisse are not entitled to recover bonuses that were clawed back in connection with UBS’s takeover in 2023. The decision overturns an earlier ruling and could affect around 1,000 former employees, Bloomberg News reports.
The court refers to the extensive government support provided in the rescue of Credit Suisse and considers that there was a public interest in limiting bonus payments.
In connection with the takeover, the authorities decided to eliminate management bonuses entirely and reduce compensation for other management levels by 25 to 50 percent.
The ruling cannot be appealed.
