Credit Suisse expects $500m hit from Bermuda court
Credit Suisse Group has announced that a court in Bermuda is expected to publish a judgment against a local life insurance subsidiary of Credit Suisse AG - Credit Suisse Life Bermuda - potentially totalling over $500 million.
Credit Suisse said it had previously taken reserves against this matter and intends to pursue all available legal actions.
“We will consider whether any further reserves are required as part of our first-quarter results due to be published on 27 April, 2022,” it said.
The bank has reportedly been fighting claims by people seeking compensation for losses caused by former Credit Suisse client adviser Patrice Lescaudron, who was convicted by a Geneva court in 2018 for defrauding customers. Credit Suisse argued that Lescaudron hid his activity from the bank.
