Credit Suisse found guilty by Swiss court in cocaine cash laundering case

Credit Suisse first major Swiss bank to face criminal trial; Credit Suisse said the case arose from a investigation that dated back more than 14 years

Credit Suisse was convicted by Switzerland's Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country's first criminal trial of one of its major banks.
 

A former employee was found guilty of money-laundering in the trial, which included testimony on murders and cash stuffed into suitcases and is seen as a test case for prosecutors taking a tougher line against the country's banks.
 

The ruling marks another headache for Switzerland's second-biggest bank, which has been reeling from billions in losses racked up via risk-management and compliance blunders.
 

Federal prosecutor Alice de