The decision of the Bermuda Court of Appeals is expected in the first half of 2023. The hearing at the British Court of Appeals Overseas lasted from Monday to Friday last week.
According to media reports, if the lawyers of the major Swiss bank are successful, the decision could be returned to the lower court. However, according to knowledgeable circles, it is possible to make another appointment to the British Privy Council. CS did not want to comment on the negotiations when asked.
The lawsuit involving a CS insurance subsidiary involves former Georgian prime minister and billionaire Bidzina Ivanishvili. He was a client of swindler Geneva CS consultant Patrice Lescaudron and had deposited large sums of his assets through CS.
By 2011 at the latest, Lescaudron transferred triple-digit millions of assets under management, including Ivanishvili, to wealthy clients. The Bermuda court accused CS of “failing to take any action or taking insufficient action” to prevent Lescaudron’s “fraudulent mismanagement”.
According to a report published by Bloomberg last week, CS’ lawyers justified their appeal against the decision, saying, among other things, that the court’s decision oversimplifies the calculation of the compensation amount. However, the theoretical returns that could be obtained if the “bull market” continued were assumed.
In addition to the proceedings in Bermuda, Ivanishvili is also litigating against a CS company in Singapore. The Georgian billionaire also claimed in court in Singapore that he was not involved in the management of his wealth and left all investment decisions to his adviser, Lescaudron.
Lescaudron was abruptly expelled from Credit Suisse in 2015 and sentenced to prison in Geneva in 2018 for fraud. He took his own life in the summer of 2020.
(SDA)