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Credit Suisse settles spying case with former star banker

ZURRICH, July 25 (Reuters) – Credit Suisse (CSGN.S) has reached an out-of-court settlement with former star banker Iqbal Khan over spying allegations that led to the resignation of Chief Executive Tidjane Thiam, a spokesman for the Swiss bank said on Sunday.

“Everyone involved has agreed to settle and this case is now closed,” said Simone Meier, confirming a report in the Swiss newspaper NZZ am Sonntag.

A spokesman for Khan said his client declined to comment. UBS (UBSG.S), where Khan is now co-president of global wealth management, declined to comment.

The deal, details of which have not been disclosed, will end a dispute that rocked the normally sedate world of Swiss banking when allegations of corporate espionage involving Credit Suisse emerged in September 2019.

The affair became public when, after he defected to UBS, Khan confronted a private detective who followed him and his wife through Zurich.

What Credit Suisse initially described as a rogue espionage case led by then-Chief Operating Officer Pierre-Olivier Bouee, grew bigger as details emerged about other surveillance cases.

As well as Bouee and Thiam’s departure, a private detective who organized the surveillance committed suicide after the affair came to light.

The NZZ am Sonntag said the settlement would mean the withdrawal of the complaints Khan filed against the bank and the private investigators.

“Investigations related to the criminal prosecution will be stopped,” Erich Wenzinger, spokesman for the head office of the public prosecutor in the canton of Zurich, told the newspaper.

Enforcement proceedings by Swiss financial markets FINMA last year against Credit Suisse’s actions were still ongoing, a spokesman said. He declined to comment on how long the trial, which began last September, would take.

(This story corrects to remove the reference to criminal complaints in Section 8)

Reporting by John Revill, additional reporting by Oliver Hirt; Editing by Mark Potter and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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