Credit Suisse flags potential hit from Bermuda court ruling
March 23, 2022
ZURICH (Reuters) -Credit Suisse Group said on Wednesday that a court in Bermuda was poised to issue a ruling against a local life insurance subsidiary of the Swiss bank that could potentially be worth more than $500 million.
The bank has 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.
“Credit Suisse has previously taken reserves against this matter and intends to pursue all available legal actions,” it said in a statement.
It would consider whether further reserves were required as part of first-quarter results due on April 27, 2022.
(Reporting by Michael ShieldsEditing by Chris Reese and David Gregorio)