US EditionCredit Suisse Loses Bid to Topple $600 Million Rogue-Banker Bill
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8 Articles
The Bermuda subsidiary of Credit Suisse, an entity absorbed by UBS in 2023, has lost the legal battle in the United Kingdom to cancel compensation of more than $600 million - about €520 million to the current change - in favour of the Georgian oligarch sanctioned by the United States, Bidzina Ivanishvili. The entity has lost the appeal against a lawsuit accusing it of fraud against the former prime minister of Georgia, although the compensation …
UK court again rules for Ivanishvili in Credit Suisse case
TBILISI, November 25 – Georgia’s former prime minister Bidzina Ivanishvili has won another round in his long-running legal fight with a Credit Suisse subsidiary, as a UK court ordered the bank to compensate him for losses linked to a major fraud case. But although the United Kingdom’s Judicial Committee of the Privy Council upheld earlier rulings in the billionaire politician’s favor… Source
UBS Subsidiary Loses Appeal Over $600 Million Fraud Award
A Bermuda-based insurance unit now owned by UBS lost its final appeal against a massive damages award connected to one of the banking industry's more notorious internal fraud cases.The Privy Council in London dismissed most arguments from Credit Suisse Life (Bermuda) Ltd. on Monday, leaving the liability finding intact while ordering a modest recalculation of the $600 million-plus award to Bidzina Ivanishvili, the billionaire founder of Georgia'…
Bidzina Ivanishvili Also Won the Dispute with the Swiss Bank Credit Suisse in the London High Court.
Bidzina Ivanishvili, the founder and honorary chairman of the Georgian Dream, has also won a lawsuit against the Swiss bank Credit Suisse in the London High Court. According to the latest estimate of the losses, Ivanishvili lost $607 million in Credit Suisse, and the bank will have to compensate him for this amount. However, despite Ivanishvili winning the lawsuit in the London High Court, it is unclear whether he will receive this amount due to…
Today, November 24, the London Court of Appeal upheld the Bermuda Court's June 2022 ruling ordering UBS (Credit Suisse) to pay Bidzina Ivanishvili $607 million in compensation. As a reminder, UBS (Credit Suisse) appealed the Bermuda Court's decision in 2024. The dispute between Credit Suisse and Bidzina Ivanishvili began in connection with the case of French private banker Patrice Lescaudron. In particular, as stated in the court documents, unde…
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