UBS Drops Credit Suisse Lawsuit Against Zurich Financial Blog

UBS, the newly-acquired proprietor of Credit Suisse, has decided to withdraw its legal case against "Inside Paradeplatz." An accord has been achieved between the financial blog and the banking institution.

The primary legal advisor of UBS, Barbara Levi, is highly motivated to resolve the various legal complications faced by its Credit Suisse division as soon as possible. This specifically pertains to the legal case initiated by the bank against the financial blog based in Zurich, known as "Inside Paradeplatz." Eventually, an agreement was reached between the involved parties on August 24th.

The legal case, which grabbed the interest of the financial hub, was initiated by Credit back in December at the Commercial Court in Zurich. Across an extensive 265-page document, the blog and its chief editor, Lukas Haessig, a journalist specializing in business matters, have been accused of infringing personal rights through the content published in their articles as well as the comments made by readers.

Inside Paradeplatz has been accused by the bank and has faced criminal charges, resulting in the involvement of the police for questioning in January. Additionally, Credit Suisse has taken legal action to recover the profits, which is estimated to be around 300,000 Swiss francs.

As a part of the agreement, "Inside Paradeplatz" removed many comments from its readers and made changes to three sections in two articles. Additionally, the blog made a commitment to thoroughly review reader comments beforehand and prohibit any instances of infringing upon the plaintiffs' personal rights.

The settlement resulted in the dismissal of all remaining claims.