Shocking UBS & Inside Paradeplatz Settlement with Credit Suisse

 Shocking UBS & Inside Paradeplatz Settlement with Credit Suisse

Shocking UBS & Inside Paradeplatz Settlement with Credit Suisse(Image-Getty)

UBS (UBSG.S) and Inside Paradeplatz have come to an agreement to resolve a legal dispute that originated from a lawsuit initially filed by Credit Suisse. Inside Paradeplatz, a well-known finance blog based in Zurich, confirmed on Tuesday that they have reached a settlement with Credit Suisse.

Under the terms of the settlement, Inside Paradeplatz has agreed to take specific actions to address the concerns raised by Credit Suisse. This includes the removal or modification of certain user comments and three specific sections from their blog posts. Consequently, the remaining legal claims that were brought against Inside Paradeplatz have been withdrawn.

A representative from UBS has verified the resolution of the case, confirming that the Swiss bank and the finance blog have successfully reached an agreement.

The lawsuit was initiated by Credit Suisse in December, targeting Inside Paradeplatz, which enjoys substantial readership within Swiss finance circles. The legal action was prompted by user comments that had been left on the blog's posts.

This development marks the second instance where UBS has managed to resolve a legal matter stemming from Credit Suisse's operations. Since acquiring its former competitor, UBS has also inherited various legal challenges, including this recent lawsuit.

In a separate case last month, UBS was directed to pay a sum of $388 million to regulatory authorities in the United Kingdom and the United States. This penalty was imposed in relation to Credit Suisse's involvement with Archegos Capital Management, a private investment firm.