Credit Suisse Faces Verdict In Money Laundering Trial: Reuters

  • Switzerland courts will rule whether Credit Suisse Group AG CS stayed away from stopping purported money laundering linked to a cocaine trafficking gang, Reuters reported.
  • The investment and financial services provider faces charges for allowing a Bulgarian cocaine trafficking gang to launder millions of euros.
  • The alleged money laundering happened between 2004 to 2008.
  • The report noted that prosecutors seek about 42.4 million Swiss francs ($45.86 million) in compensation from Credit Suisse.
  • The case has garnered huge attention as the government’s action of taking the country’s second-largest bank to court has sent a strong signal to its huge financial industry.
  • Price Action: CS shares are trading higher by 0.67% at $5.99 in premarket on the last check Monday.
  • Photo Via Wikimedia Commons

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