Credit Suisse Settles Spying Case With Ex-Executive Iqbal Khan

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Credit Suisse Group AG said it reached a settlement with a former executive and private investigators over a spying scandal that rocked the bank.

In fall 2019, the Swiss bank hired investigators to spy on Iqbal Khan, a top wealth-management executive who was leaving to join rival UBS Group AG . Mr. Khan spotted one of the investigators and went to the police, setting off international headlines and leading to the ouster of the bank’s chief executive over the reputational fallout.

The settlement involves ending criminal complaints between Mr. Khan and the investigators and related legal action.

“All involved parties have agreed to settle. This matter is now closed,” a Credit Suisse spokeswoman said. A spokesman for Mr. Khan declined to comment. A lawyer for the investigators didn’t immediately respond to a request for comment.

Switzerland’s financial regulator, Finma, still has enforcement proceedings open against the bank over its surveillance activities. Credit Suisse was later found to have spied on other staff.

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