UBS has reached a settlement with Swiss financial website Inside Paradeplatz over a lawsuit brought by Credit Suisse last year, the popular blog said on Tuesday.
Inside Paradeplatz said as part of a settlement on August 24 in the commercial court of Zurich it had deleted or adjusted three passages in two articles and deleted "numerous" reader comments. The blog site said it had undertaken to carefully examine readers' comments in advance and not allow any personal infringements against the plaintiffs in the case.
It said the remaining claims were dropped as part of the settlement.
UBS referred to the Inside Paradeplatz statement and declined further comment.
Inside Paradeplatz publishes in German and is widely read for its coverage of the comings and goings of financial professionals in Zurich and the fortunes of Swiss banks, often including speculation from unnamed people working in the financial industry.
Its coverage of a spying scandal in 2019 when Credit Suisse allegedly hired private detectives to shadow the bank's ex-wealth management head Iqbal Khan, who moved to UBS, was widely read. The site ran frequent stories on Credit Suisse's problems in recent years and the activities of senior executives.
In June 2022, it ran a story saying US bank State Street was planning a takeover bid for Credit Suisse, citing one unidentified source. The story sparked a jump in shares in the Swiss bank, and both Credit Suisse and State Street denied the story.
Credit Suisse submitted a 256-page claim against Inside Paradeplatz and its publisher Lukas Haessig in December, the Financial Times reported. At the time, Haessig told the FT that he had been sued before, but it was the biggest lawsuit he had faced and it had the potential to put him out of business.
UBS is attempting to clear up legacy legal issues since it stepped in to rescue Credit Suisse in March in a deal orchestrated by Swiss authorities. UBS chief executive Sergio Ermotti is due to unveil details on plans and strategy for the enlarged bank on Thursday when it releases second-quarter results.