Credit Suisse Client’s losses climb to 607 million in fraud scheme — (So far)

(Bloomberg) — Bidzina Ivanishvili, the Georgian billionaire suing a unit of Credit Suisse Group AG over a fraud scheme run by one of its ex-bankers, lost about $607 million in the case, according to a new estimate of his losses that’s nearly 10% higher than a previous figure in a March ruling.

The new amount was cited during a hearing Tuesday overseen by Bermuda Supreme Court Chief Justice Narinder Hargun after he told forensic accountants in March on both sides of the case to go away and come up with a more accurate assessment of Ivanishvili’s losses. Hargun put the losses at $553 million three months ago.

At the time, the judge criticized Credit Suisse Life, saying the bank’s life insurance unit had turned a “blind eye” to convicted fraudster Patrice Lescaudron’s wrongdoing. The Frenchman, who was convicted in 2018, was a lone wolf who hid his fraudulent activity, according to the bank.

www.bnnbloomberg.ca/credit-suisse-client-losses-climb-to-607-million-in-fraud-case-1.1781797