Credit Suisse's UK Appeal Against Bermudan Ruling in Favor of Georgia's Ivanishvili Fails

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 24 2025

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Source: Reuters

Legal Ruling: A Credit Suisse subsidiary lost its appeal against a lawsuit by former Georgian Prime Minister Bidzina Ivanishvili, who was awarded $607 million in damages related to fraud by a former adviser, though the damages will need recalculation.
Background of the Case: Ivanishvili's lawsuit stemmed from fraud committed by banker Patrice Lescaudron, who was convicted in 2018 and later died by suicide in 2020; the case involved life insurance policies worth approximately $750 million.
Court's Decision: The Privy Council upheld the liability ruling against Credit Suisse but ordered that damages be recalculated based on the start date of the life policies rather than the asset transfer date.
Additional Litigation: Ivanishvili also won a separate appeal in Singapore against Credit Suisse, resulting in an award of $461 million, as reported in UBS's first-quarter results for 2025.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.