Summarize this:
Litigation and fines UBS

-In June 2023 and following the acquisition, a group of leading Swiss investors joined a class-action lawsuit. The takeover denied shareholders in both banks a vote on the deal. What UBS paid for Credit Suisse was less than half the bank’s market value on the final trading day before the deal was sealed. The lawsuit aims to recover a cash payment for claimants based on the difference between a value of Credit Suisse that would be set by the court and the one paid by UBS.

- In July 2023, The Federal Reserve Board announced a consent order and fined UBS Group AG for misconduct by Credit Suisse, costing UBS around US$387 million. 

- In March 2023, UBS has lost an appeal to throw out a lawsuit by an exiled Chinese businessman. 

- In January 2023, UBS Securities, agreed to pay US$3.75 million to settle allegations brought by the Financial Industry Regulatory Authority (FINRA) 

- On 13 December 2021, the Court of Appeal found UBS AG guilty of unlawful solicitation of clients on French territory and aggravated laundering of the proceeds of tax fraud. The court ordered a fine of EUR3.75 million, the confiscation of EUR 1 billion, and awarded civil damages to the French state of EUR800 million. UBS AG has filed an appeal with the French Supreme Court to preserve its rights. The civil damages award has been paid to the French state, subject to the result of UBS’s appeal. 

Conclusion

Despite potential fines from litigations, USB remains of high systemic importance to Swiss banking sector and world financial sector with low NPLs ratio and diversified earnings geographically and by business line. In June 2023, S&P’s affirmed the bank’s rating at A+ with Stable outlook. The agency believes that UBS group is likely to support the group members under almost all foreseeable circumstances.

Litigations and fines Credit Suisse: 

- In June 2023, FINRA slammed a censure and fine of US$900,000 on Credit Suisse for reporting more than 9,000 late trades and hundreds of thousands of inaccurate TRACE reports.  

- In March 2023, Credit Suisse violated a 2014 plea deal with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than US$700 million from the government 

- In February 2023, Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of a multi-billion business with now defunct financier Greensill. 

- In October 2022, Credit Suisse said it would pay US$495 million to settle a claim by the US state of New Jersey over mortgage-backed securities dating back to the 2008 financial crisis. In France, that same month, it agreed to pay EUR238 million to avoid prosecution on money laundering and tax fraud charges 

- In June 2022, Credit Suisse was fined US$2 million claim in money-laundering case according to the Swiss Federal Criminal Court (in December 2020) 
- In January 2022 FINRA fined Credit Suisse Securities US$9 million for multiple operational failures. 

Conclusion 

Despite the reputation risk and lawsuits, Credit Suisse is on solid grounds following its acquisition. This was affirmed in June 2023, when Fitch upgraded the bank’s rating to A+ from BBB+ with Stable outlook due to completion of Credit Suisse acquisition by UBS Group AG. The credit rating of Suisse AG and its subsidiaries reflect the strong shareholder support now available from UBS, as well as the integration into, and ultimately its alignment with, UBS.