UBS', Credit Suisse Settle Suit With Zurich Finance Blogger Over Abusive Reader Comments: Report

UBS Group AG UBS reached a settlement with Zurich-based finance blog Inside Paradeplatz on August 24 related to a lawsuit by Credit Suisse.

Credit Suisse filed a suit against the blog, run by Lukas Hässig, in December 2022 over allegations of abusive reader comments attached to articles on the site, as per Bloomberg.

Credit Suisse had claimed 300,000 Swiss francs ($339,390) in damages and called for the removal of 52 articles the blog published between July 27 and October 28 and reader comments on the articles.

Also Read: UBS-Owned Credit Suisse Piles Up Loss of Over $4B In Q2: Report

Inside Paradeplatz representative said on their website that they have "deleted reader comments and deleted or adjusted three parts in two publications."

They added, "Inside Paradeplatz undertakes to carefully examine readers' comments in advance and not to allow any personal infringements against the plaintiffs."

This month, UBS voluntarily terminated the Loss Protection Agreement (LPA) related to the Credit Suisse Takeover, with the Swiss government worth CHF 9 billion ($10.3 billion) and CHF 100 billion Public Liquidity Backstop with the Swiss National Bank (SNB), effective August 11, 2023. 

Price Action: UBS shares are trading lower by 0.24% at $24.87 on the last check Tuesday.