(Updates with comment from UBS in the fourth paragraph.)
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 told MT Newswires that it takes note of the Federal Department of Finance's decision to appeal the case.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.