07:40 AM EST, 11/27/2024 (MT Newswires) -- UBS Group ( UBS ) was acquitted of a 2022 conviction for Credit Suisse's role in a Bulgarian criminal organization's drug trafficking and money laundering activities in Switzerland, according to a Wednesday statement from the country's Federal Criminal Court.

According to the statement, Credit Suisse subsequently appealed the conviction and UBS inherited the case upon the completion of the banks' merger this year.

The Federal Criminal Court said Appeals Chamber decided to acquit UBS and lift the compensation claim that was imposed against Credit Suisse following the death of a previous employee who was also convicted in the case.

According to the court, it was impossible to examine the bank's alleged violation "without violating the presumption of innocence of the deceased."

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