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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]

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Credit Suisse Basically Headquartered In Court These Days

It’s not like the bank’s got other pressing issues it needs to deal with now, right?


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Hey, when you’re in Thomas Gottstein’s shoes, you’ll grasp at any disreputable straw you can find.

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Credit Suisse Much Better At Not Asking Uncomfortable Questions Than It Is At Spying

You don’t become the bank of choice for Eastern European gangsters by posing too many.

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Credit Suisse Can Lose Nine Figures In All Sorts Of Ways

The financial crisis is still very much ongoing in Zürich.

This makes us a quant, right? By No machine-readable author provided. Skies assumed (based on copyright claims). [Public domain], via Wikimedia Commons

Credit Suisse To Pull BlackBerrys, Apple IIes Out Of Storage

There’s nowhere else to cut, so we hope the Swiss are good at long division.

Photo: Getty Images.

Credit Suisse As Good At Haggling MBS Settlements As MBS Themselves

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Photo: Getty Images.

Credit Suisse Shareholders Open Door To Lawsuits, Simultaneously Begin Filing Them

A modicum of competence and attention to fiduciary duties may be necessary to get that legal liability discharge.