Credit Suisse fined for facilitating cocaine cash laundering

ZURICH (AP) — A Swiss court has fined Credit Suisse more than $2 million for failing to prevent money laundering linked to a Bulgarian criminal organization a decade-and-a-half ago. The court also ordered the confiscation of the equivalent of more than $12 million worth of deposits linked to the criminal group and opened with Credit Suisse. The bank is also on the hook for a compensatory claim of more than $19 million. That’s an amount the court said could not be confiscated due to the bank’s internal failures, which it said encouraged the money laundering. Zurich-based Credit Suisse said it will appeal the result.