Timeline

Credit Suisse is taken over by UBS with $4bn set aside for potential and regulatory costs from the acquisition. Singapore court rules against Credit Suisse and orders Credit Suisse Trust (Singapore) to repay over $900m in damages and costs to the victims. Court of Appeal in Bermuda dismisses CS Life’s appeal against the 2022 Supreme Court judgement.

Bermuda court rules against Credit Suisse entity and orders CS Life to repay over $600m in damages and costs to the victims. Swiss prosecutor widens investigation to include possible charges against Credit Suisse of aggravated money laundering. Trial in Singapore begins during which Credit Suisse Trust (Singapore) admitted it acted in breach of its trustee duties and should have informed its clients of unauthorised payments. Appeal hearing in Bermuda begins as CS Life seeks to overturn the judgement.

FINMA’s investigation is published in the media revealing multiple failures in Credit Suisse’s processes and risk management. Swiss prosecutor continues investigation into mismanagement and crimes at Credit Suisse. Bermuda trial into losses at CS Life starts.

Singapore Court of Appeal rules against a Credit Suisse trust entity and case returns to the trial court

CS Victims publish an open letter to the Board of Directors of Credit Suisse AG on the day of the Bank’s AGM

FINMA concludes that Bank’s systems and controls did fail and agrees corrective action which the Bank must take to avoid a repeat of the same illegal activities. Bank is put under supervision of an independent third party to ensure that FINMA’s corrective actions are in fact undertaken by the Bank.

FINMA begins investigation into systems and controls failures at the Bank.

Bank finally launches investigation into its employees’ conduct. Relationship manager is fired. Bank demands customers make good shortfalls in their accounts, notwithstanding that those shortfalls were caused by its own employees, as its own investigation shows.

Bank encourages customers to inject new money into their Credit Suisse accounts by falsely-representing that its own performance is better than that of other banks. Senior management of the Bank fail to double-check basic figures on customer accounts, and lend their support to false statements relating to them.

Thefts from customer accounts continue. Bank fails to stop its employees from manipulating account data and circulating false performance statements to customers.

Thefts from customer accounts continue. Bank encourages customers to take out multi-million dollar loans to extend the leverage on their accounts and give the Bank greater scope to earn commissions for itself by undertaking trades on those accounts.

Thefts from customer accounts continue. Bank’s compliance team flag issues with certain employees and the desks on which they work, but no corrective action is taken.

Thefts from customer accounts continue. Unauthorised trading occurs on customer accounts by employees falsifying client instructions and signatures.

Thefts from customer accounts continue. Customers sent false reports about investments held and investment values to cover up unlawful activities of the Bank’s employees causing substantial losses on the customer accounts – even without the thefts. Customer instructions are deliberately ignored by Bank employees.

Thefts from customer accounts continue. Bank takes no action.

Thefts from customer accounts begin. Bank fails to pick these up, or stop what is happening.