Credit Suisse flags potential hit from Bermuda court ruling
ZURICH (Reuters) -Credit score Suisse Group mentioned on Wednesday {that a} courtroom in Bermuda was poised to situation a ruling towards a neighborhood life insurance coverage subsidiary of the Swiss financial institution that would doubtlessly be value greater than $500 million.
The financial institution has been preventing claims by individuals looking for compensation for losses brought on by former Credit score Suisse consumer adviser Patrice Lescaudron, who was convicted by a Geneva courtroom in 2018 for defrauding prospects.
Credit score Suisse argued that Lescaudron hid his exercise from the financial institution.
“Credit score Suisse has beforehand taken reserves towards this matter and intends to pursue all obtainable authorized actions,” it mentioned in an announcement.
It could take into account whether or not additional reserves have been required as a part of first-quarter outcomes due on April 27, 2022.
(Reporting by Michael ShieldsEditing by Chris Reese and David Gregorio)
