Credit Suisse collapse obfuscated Parreaux, Thiébaud & Partners scandal

post by pocock · 2025-02-24T21:28:39.617Z · LW · GW · 0 comments

This is a link post for https://juristgate.com/en/2025/02/24/credit-suisse-collapse-obfuscated-parreaux-thiebaud-partners-scandal/

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Is it just coincidence that scandals are swept under the carpet when a bigger scandal dominates the news cycle?  The linked article has direct links to the official sources for this story.

15 March 2023, the value of shares in Credit Suisse plunged. Four days later UBS announced the purchase of their competitor Credit Suisse.

It was an enormous scandal for Switzerland.

The risk of a scandal had been known for some months. For a few weeks after 15 March 2023, the Swiss media published multiple reports about Credit Suisse each day.

Two weeks later, on 4 April 2023, the trade registry in Canton Geneva received the decision of FINMA for the immediate liquidation of Parreaux, Thièbaud & Partners / Justicia SA.

We looked at the web site of RTS (Swiss public broadcaster) using the Wayback Machine. Below, we publish some screen shots from the week from 3 to 7 April 2023. We didn't find any reports about the closure of Parreaux, Thièbaud & Partners.

20,000 clients had suddenly lost their Swiss legal services insurance. Some of the insured clients were in the middle of trials and other procedures funded by the insurance.

The Swiss media helped the jurists with free publicity in 2018.

But the media said nothing when the jurists were shut down.
According to the judgment of 4 April 2023, FINMA had knowledge of the situation at Parreaux, Thiébaud & Partners since 2021. For two years they looked for a solution. They didn't find a solution but they had the chance to do a cover-up when the Credit Suisse crisis arrived.

The linked post includes screenshots showing how the legal insurance scandal appears to be smothered by news reports about the much bigger banking scandal.

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