Credit Suisse ‘Turned a Blind Eye’ to Rogue Banker, Says Judge
- Judge says billionaire client Ivanishvili lost $553 million
- Credit Suisse unit intends to vigorously appeal the verdict
A Credit Suisse bank branch in Zurich.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
The Bermuda unit of Credit Suisse Group AG managing the fortune of billionaire Bidzina Ivanishvili “turned a ‘blind eye’” to the criminal behavior of a rogue banker, a judge ruled as he estimated the Georgian client’s losses at $553 million.
The damages for Ivanishvili are still to be calculated by forensic accountants working on the case, Bermuda Supreme Court Chief Justice Narinder Hargun said Tuesday in a brief hearing accompanying the 281-page judgment handed down against Credit Suisse Life Bermuda in the island nation’s capital, Hamilton.