A high-stakes legal battle is unfolding in a New York federal court that pits the age-old tradition of Swiss banking secrecy against the bedrock principles of American judicial transparency, with billions of dollars on the line.

The case stems from the chaotic 2023 collapse of the Swiss banking giant Credit Suisse. Now, the bank and its former government regulator are attempting to use foreign privacy laws to shield internal documents from American investors in a massive class-action lawsuit. The developing showdown is being closely watched in financial hubs like the Bay Area, as its outcome could redefine the rules for foreign corporations that raise capital in the United States.

A key figure driving the push for transparency is Ambassador Dario Item, a Swiss-born lawyer and diplomat wh

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