$600M settlement: Credit Suisse moves Bermuda case forward after appeal decision

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In the lawsuit filed by former Georgian Prime Minister Bidzina Ivanishvili against the Bermuda major bank Credit Suisse, an appeals court revised some points of the previous decision. However, this has little impact on the overall rating, which yields a good $600 million payout. Credit Suisse therefore wants to take the Court of Appeal’s decision further, it wrote in a statement Friday evening.

The major bank welcomes the Bermuda appellate court’s decision to overturn the lower court’s decision. Accordingly, life insurance company Credit Suisse Life Bermuda is said to have misled the plaintiff with fraud. It is disappointing, however, that the court did not consider the insurance subsidiary’s claims that it had not breached its contract with the customer.

Rogue Geneva CS advisor Lescaudron

In the decision of the Supreme Court published on Friday, it is also stated that the annulment of the allegations of false statements has nothing to do with the case in general. In the spring, a court in the Bermuda Islands ordered it to pay a $607 million fine to Credit Suisse, which has since been merged with UBS.

Ivanishvili was a client of Geneva-based fraudulent CS consultant Patrice Lescaudron and had deposited large sums of his fortune through CS. By 2011 at the latest, Lescaudron transferred triple-digit millions from assets under management, including Ivanishvili. The Bermuda court accused CS of “failing to take any action or taking insufficient action” to prevent Lescaudron’s “fraudulent mismanagement”. (SDA/kae)

Source :Blick