Credit Suisse Loses $500 Million Lawsuit to Former Georgian Prime Minister for Illegal Trades by Private Banker Who Later Committed Suicide, $300 Million Lawsuit in Singapore
1st April 2022 | Hong Kong
Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020. Georgian Prime Minister Bidzina Ivanishvili has also filed a $300 million lawsuit against Credit Suisse in Singapore. Credit Suisse: “The judgment relates to life insurance policies of one client of Credit Suisse Life Bermuda. The life insurance subsidiary has been closed to new business and in wind-down for more than seven years and has no other material business that will be affected by this judgment. The judgment is not yet final and is subject to appeal, which Credit Suisse Life Bermuda intends to vigorously pursue.”
“ Credit Suisse Life Bermuda Loses $500 Million Lawsuit to Former Georgian Prime Minister for Illegal Trades by Private Banker “
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