IFLR - Bonus battles: Swiss court reins in EFD over Credit Suisse pay cuts
In a landmark judgment dated March 31 2025 (Case B-3655/2023), the Swiss Federal Administrative Court (Bundesverwaltungsgericht) ruled on the legality of a controversial order by the Swiss Federal Department of Finance (EFD) to cancel or reduce deferred variable compensation (‘bonuses’) of Credit Suisse employees. The court partially annulled the EFD’s order, underscoring the limits of regulatory intervention and the importance of respecting legal principles, even during systemic crises.
