A group of Eastern European oligarchs is fighting against the Swiss lender in several jurisdictions for fraud allegations. In Bermuda, a conclusion is nearing.
Switzerland’s second-biggest bank is awaiting a judgment after a five-week trial looked into whether the bank’s life insurance unit bears responsibility for fraudulent activities committed by one of its bankers, «Bloomberg» (behind paywall) reported.
Eastern European oligarchs including former Georgian prime minister, Bidzina Ivanishvili, have taken the bank to court in several jurisdictions over assets managed by its former employee Patrice Lescaudron, who died by suicide last year.
Credit Suisse previously tried to prevent a report, investigating the bank over the matter from being admitted in the proceedings. In November, the bank's bid was rejected allowing the report to be used as evidence in the trial.
The trial in the Bermuda court came to an end last week, the report writes.
