The Swiss Federal Department of Finance, or FDF, said Friday it is contesting a ruling by the Federal Administrative Court, of FAC, that the reduction or cancellation of variable remuneration for former members of Credit Suisse's management during the company's takeover by UBS Group (UBS) was illegal.

"The FAC's interpretation of the legal basis failed to take key aspects into account, in particular by not considering the exceptional circumstances leading up to the takeover of Credit Suisse, which the legislator would not have been able to foresee," the FDF said.

The FDF has decided to refer the matter to the Federal Supreme Court, which will make a final decision, it said.

UBS did not immediately respond to MT Newswires' request for comment.