23/03/2022 • Financial Times

Credit Suisse loses case over banker who stole from billionaire clients

Bank could be forced to pay more than $500mn in lawsuit brought by Georgia’s ex-prime minister.

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Georgia’s former prime minister Bidzina Ivanishvili has won a long-running battle with Credit Suisse to reclaim funds stolen by a former employee of the Swiss bank, according to people with knowledge of the case.

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 has previously taken reserves against this matter and intends to pursue all available legal actions,” the bank said in a statement.

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