Credit Suisse Warns of $500 Million Hit From Billionaire’s Lawsuit
Swiss bank had said a rogue banker was responsible for Georgian billionaire Bidzina Ivanishvili’s losses.
Credit Suisse Group AG is expected to pay around $500 million after losing a lawsuit brought by a Georgian billionaire who claimed the bank mismanaged his money.
Credit Suisse has spent years fending off claims from Bidzina Ivanishvili, a former prime minister of Georgia. He sued the bank in Bermuda and Singapore for breach of trust, alleging he lost $800 million on forged trades made by his Geneva-based private banker, Patrice Lescaudron. Mr. Ivanishvili sought $400 million damages in Bermuda’s Supreme Court, where a five-week trial ended in December.
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