The ex-husband of the current partner of former Credit Suisse CEO Tidjane Thiam is seeking millions in damages from UBS in U.S. court. This case exemplifies the complex legacy issues UBS attorneys now face.

A French businessman has filed a lawsuit against UBS, the current owner of Credit Suisse, in the U.S., alleging that CS orchestrated an extensive espionage program against him between 2016 and September 2019, as reported by the «NZZ» (subscription required) citing court documents.

Personal Motives

The lawsuit alleges that the surveillance was personally ordered by then-CEO Tidjane Thiam, who was reportedly in a covert relationship with the plaintiff's then-wife, now Thiam's current partner.

The plaintiff claims that Thiam and his former wife spied on him, motivated partly by financial interests amid their divorce. He cites significant emotional distress and considerable financial loss as a result, demanding damages from UBS amounting to at least $15 million.

In the fall 2019, the NZZ exposed the Credit Suisse espionage scandal, a revelation that ultimately led to Tidjane Thiam’s resignation as CEO. The bank had ordered surveillance on high-ranking managers, including Iqbal Khan and Peter Goerke, by private detectives.