A suspension order was put in place late last month to temporarily keep the two-year-old report by Switzerland’s financial regulator out of the public eye, the cantonal prosecutor’s office said.
It’s the latest round in a legal battle that’s played out since Lescaudron was arrested in 2015 and subsequently convicted in 2018.
While it’s known that Finma warned the bank in 2018 for praising Lescaudron when it should’ve been taken action against him.
“Instead of disciplining the client manager promptly and proportionately, the bank rewarded him with high payments and positive employee assessments,” Finma said in the release, calling the oversight of Lescaudron “inadequate.”
If Credit Suisse is ultimately found guilty under Swiss statutes, it stands to recieve a penalty of 5 million Swiss francs ($5.4 million). A conviction could also enable clients to sue for compensation.
