Credit Suisse collapse obfuscated Parreaux, Thiébaud & Partners scandal
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.
Monday, 3 April 2023
2023-04-03: 20min.ch Super CEO of UBS/CS
Tuesday, 4 April 2023
2023-04-04 23:17:28: RTS: CS bonuses to be limited or canceled
and FINMA's decision to liquidate arrived in the trade registry:
Wednesday, 5 April 2023
2023-04-05 09:52:57: Blick: 2.9% fall. Bank shares plunge ahead of Credit Suisse AGM