UBS, as the new owner of Credit Suisse, has dropped its lawsuit against «Inside Paradeplatz.» The finance blog and the bank have reached an agreement.
UBS chief counsel Barbara Levi has every interest in quickly settling the numerous legal entanglements of its Credit Suisse subsidiary. This applies to a lawsuit filed by the bank against the Zurich-based financial blog «Inside Paradeplatz.» The parties settled on August 24.
The lawsuit, which attracted attention in the banking center, was filed by Credit last December at the Commercial Court in Zurich. Over 265 pages, is accused the blog and its editor, business journalist Lukas Haessig, of personality violations in articles and reader comments.
Profit Issue Dropped
The bank already filed criminal charges against Inside Paradeplatz, with the accused questioned by the police in January. Credit Suisse also sued for surrender of the profits, with the claim said to amount to 300,000 Swiss francs ($341,000).
As part of the settlement, «Inside Paradeplatz» deleted numerous reader comments and deleted or adapted three passages in two publications. Furthermore, the blog had to undertake to carefully check reader comments in advance and not to allow any personality violations against the plaintiffs.
All other claims were dropped with the settlement.
