Banks Department of Finance appeals ruling on CS bonuses to the Federal Supreme Court
The Federal Supreme Court will decide on the reduction of bonuses for the top management of the defunct Credit Suisse. The Federal Department of Finance (FDF) intends to appeal the ruling of the Federal Administrative Court.
23.05.2025, 10:12
23.05.2025, 10:28
SDA
According to its press release on Friday, the FDF had instructed Credit Suisse, which was forcibly merged with UBS in 2023, to reduce and in some cases even cancel the variable remuneration of some of the top three management levels.
Several of those affected challenged this before the Federal Administrative Court. The court ruled that the federal government's actions were unlawful. The reduced bonuses were bindingly guaranteed claims by the employer arising from an employment contract. Such claims are protected by the guarantee of ownership.
The Federal Administrative Court argued, among other things, that a clear and explicit basis in a law is necessary for serious interference with such claims. The FDF, on the other hand, is of the opinion that the court failed to take key aspects into account when interpreting the legal basis.
In particular, the extraordinary circumstances of the takeover of Credit Suisse by UBS, which could not have been foreseen by the legislator, were not taken into account.
