Credit Suisse Found Guilty of Cocaine Money Laundering

Switzerland's Federal Criminal Court convicted Credit Suisse and a former employee of failing to prevent money-laundering in Switzerland's first criminal trial of one of its major banks.

The judges were ruling on whether Credit Suisse and the former employee did enough to prevent an alleged Bulgarian cocaine trafficking gang of laundering profits through the bank from 2004 to 2008.

Both had denied wrongdoing.

The case — which included testimony on murders and cash stuffed into suitcases — is being followed closely in Switzerland, where it is seen as a test for prosecutors taking a potentially tougher line against the country's banks.