Credit Suisse Out Another Half-Billion Dollars
Last year, Credit Suisse “won” a rare court battle, when a British judge ordered that a damning investigation of the bank’s conduct vis-à-vis the banker mismanaging millions on behalf of ex-Eastern Bloc oligarchs be removed from the internet. What the judge could not order was that the damning document be removed from the Bermuda courtroom considering just how badly Credit Suisse screwed over former Georgian Prime Minister Bidzina Ivanishvili by letting banker Patrice Lescaudron go native, where it has proven every bit as damning as reported.
Credit Suisse announced on Wednesday evening that it could be forced to pay more than $500mn once a court in Bermuda publishes a judgment against the bank’s local life insurance subsidiary.
The Bermuda court is expected to publish its judgment next week, but people briefed on the case confirmed it was related to Ivanishvili’s complaint and that the court had found in his favour.
Credit Suisse loses case over banker who stole from billionaire clients [FT]
Credit Suisse Warns of $500 Million Hit From Billionaire’s Lawsuit [WSJ]
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.
