Credit Suisse is suing a popular Zurich-based finance blog over claims of abusive comments hosted under stories about it since the appointment of chief exec Ulrich Körner.

The 256-page claim against Inside Paradeplatz and publisher Lukas Hässig were submitted to the Commercial Court of Zurich earlier this month. It demands the removal of all 52 articles published between 27 July – 28 October that relate to the bank, along with the comments appearing under the articles.

Credit Suisse has set the costs for the case at SFr300,000 ($322,000), with the bank also pursuing all profits generated by the blog since July 27 and 5 per cent interest.

The bank said that it was asking for a ruling of the “legality of reader comments” on the blog and that “We are taking this step to protect our employees, who are regularly the subject of abusive and disparaging comments on the blog.”
While noting that it respects a “free and critical press”, Credit Suisse said that the blog’s coverage led to its management team being ““showered with insults and . . . written off to death.” It alleges that “customers and employees are even actively encouraged to leave the bank”.

In comments made to the Financial Times, Hässig – who was also sued last month by Swiss publishing house Ringier – said “I have to fight it — what other choice do I have?”

He added that he does occasionally delete comments, but that he believes in free speech “in an extensive way.”

Hässig’s blog regularly draws the ire of bankers in Zurich, with its content featuring a mixture of gossip, commentary and insider tip-offs. It is widely read in Switzerland’s financial community. Earlier this year, a story published by Inside Paradeplatz claimed that State Street was planning a $25 billion takeover of Credit Suisse, causing the Swiss bank’s shares to rise 12 per cent.

Inside Paradeplatz was previously sued by Credit Suisse in 2015, when the blog compared the bank to FIFA at the height of the football world’s corruption scandal.

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