ZURICH (Reuters) – A top Swiss court on Wednesday acquitted Credit Suisse of a 2022 criminal conviction when the bank that is now part of UBS was found guilty of failing to prevent money laundering by a Bulgarian cocaine trafficking gang.

The appeals chamber of the Federal Criminal Court said in a statement it had acquitted UBS of the charge of violating article 102, paragraph 2 of the criminal code and that the compensation claim against the bank had been lifted.

Credit Suisse collapsed in 2023 after a series of scandals and setbacks and was taken over by UBS.

(Writing by Dave Graham, Editing by Rachel More)