Credit Suisse faces $500 mln plus bill after ex-Georgian PM wins court case

A Bermuda court on Tuesday ruled former Georgian Prime Minister Bidzina Ivanishvili and his family are due damages “substantially in excess of $500 million” from Credit Suisse’s local life insurance arm in a costly setback for the bank.

The court said that Ivanishvili and his family were due the damages as a result of a long-running fraud committed by a former Credit Suisse adviser, Pascale Lescaudron.

Credit Suisse said its life insurance subsidiary, which is in the process of being wound down, intended to “vigorously pursue” an appeal of the verdict.

The ruling is another blow for the scandal-stricken bank, still reeling from billions in losses racked up in 2021, which prompted a top management shake-up, and as it faces further probes over compliance and risk failings.

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