When Swiss bank UBS acquired rival Credit Suisse in June in a rescue takeover initiated by the Swiss government, it knew it was also acquiring the legal troubles of a financial institution on the brink of collapse. UBS’s takeover meant having to foot the bill for $388 million in combined penalties in a coordinated global resolution reached with U.S., U.K. and Swiss authorities. We spoke to Withersworldwide partner Harvey Knight and counsel Martin Auerbach, as well as MoloLamken partner Eric Nitz, about lessons that could be drawn from the penalties and the corrective measures that the regulators required. See “Noticing Red Flags, Cultivating Company Culture Key to Compliance
” (May 24, 2023).