Statement posted a few days ago by Credit Suisse;
Credit Suisse Group takes note of the Bermuda Supreme Court’s judgment against a local life insurance subsidiary of Credit Suisse AG, Credit Suisse Life Bermuda, and refers to its press release of March 23, 2022.
The judgment relates to life insurance policies of one client of Credit Suisse Life Bermuda. The life insurance subsidiary has been closed to new business and in wind-down for more than seven years and has no other material business that will be affected by this judgment.
The judgment is not yet final and is subject to appeal, which Credit Suisse Life Bermuda intends to vigorously pursue.
The case relates to a claim by a former Prime Minister of Georgia that he should be able to reclaim funds stolen by a former employee of Credit Suisse. The amounts involved run into the hundreds of millions of dollars. The argument looks set to run on for some time yet. In the current anti-oligarch mood, it is possible that the power of public opinion and the mainstream media might yet tip the scales in Credit Suisse’s favour, as you could argue that someone should have checked the bank statements a bit more thoroughly.
More details at the FT site here.