Georgian billionaire Bidzina Ivanishvili believes Credit Suisse cheated him. A hefty legal salvo against the Swiss bank is the latest chapter in a five-year legal tussle.
The move isn't entirely expected after a Singapore court two weeks ago permitted Bidzina Ivanishvili to sue Credit Suisse's trust subsidiary in the city-state, as finews.com reported: the billionaire ex-prime minister of Georgia followed up by filing a $300 million lawsuit against the Swiss bank, «Bloomberg» reported.
The move opens a new line of attack in the five-year dispute between Ivanishvili and the Swiss wealth manager. Ivanishvili and other Eastern European former Credit Suisse clients have been trying to get the bank to take responsibility for the misdeeds of former employee Patrice Lescaudron.
Foreign Efforts
The private banker, who worked at the Geneva branch of the bank, was convicted on fraud and forgery charges in Switzerland two years ago. The oligarchs claimed that the bank hadn’t been prudent in their handling of the case and claimed damages of as much as $1 billion from the bank.
The victims of Lescaudron’s fraudulent activities took their fight abroad after failing to gain traction in Switzerland. Credit Suisse maintains its trust arm acted properly and has said it will vigorously defend itself against the lawsuit.
