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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.

A Credit Suisse bank branch in Zurich.

Photographer: Stefan Wermuth/Bloomberg
Updated on

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.