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Published on 29/05/2020 3:38:56 PM | Source: Reuters

Credit Suisse appeals against ruling in spying auditor case

Posted in Top Stories| #Credit Suisse #World Market

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ZURICH  - Credit Suisse is seeking to overturn a court ruling rejecting the bank's bid to block an auditor appointed by Switzerland's financial supervisor as part of its probe into a spying scandal, it said on Friday.

Switzerland's second-biggest bank had sought to scuttle watchdog FINMA's appointment of Thomas Werlen, of international law firm Quinn Emanuel Urquhart & Sullivan, on grounds the firm and Werlen lacked sufficient independence.

"Credit Suisse can confirm that it is having the ruling of the Federal Administrative Court reviewed by the Federal Supreme Court," the bank said in a statement after the Tages-Anzeiger newspaper reported the appeal.

"Like before, the focus is on the question of the independence of the law firm Quinn Emanuel, which has been appointed to conduct the audit. We take the view that Quinn Emanuel does not meet the legal requirement of independence because it is engaged in numerous legal proceedings against the bank," it added.

Credit Suisse continued to cooperate fully with the appointed auditor, it said.

In its probe, FINMA is examining whether management control failures led to snooping on two former executives in an affair which toppled former CEO Tidjane Thiam and sent shock waves through Swiss finance.

(Reporting by Oliver Hirt, Writing by Michael Shields)