Credit Suisse Announce On Sunday, it reached a settlement with a former banker over allegations of espionage. These allegations prompted the bank’s chief executive to resign in February 2020.
The financial terms of the settlement have not yet been announced, and a spokesperson for the banker said they would not comment. The settlement agreement requires the banker Iqbal Khan to abandon the lawsuit against Credit Suisse and private investigators.
The Swiss journalist Simone Meyer confirmed in the NZZ am Sonntag newspaper: “All relevant personnel have agreed to the settlement and the matter is now over.”
In 2019, former COO Pierre-Olivier Bouee participated in two independent espionage activities, one of which involved Khan, a top banker who left Credit Suisse to work for UBS. Allegedly, out of fear that Khan would poach Credit Suisse customers and senior employees, Bouee asked a private investigator to track Khan.
Khan discovered the spy after realizing that a private investigator was following him and his wife.
The scandal shook the small country of Switzerland. Many other surveillance incidents were later revealed, and private investigators committed suicide after the case became public.
The espionage scandal prompted Credit Suisse CEO Tidjane Thiam to step down on February 14, 2020 and be replaced by Thomas Gottstein.
An investigation found “zero evidence” that Thiam knew about surveillance.
