For CS, crime fiction in Bermuda becomes an absolute nightmare

In mid-June, Marcus Diethelm took over from Romeo Cerruti as senior lawyer at Credit Suisse.

Yesterday Diethelm had to accept the first bill from his 13-year-old predecessor’s era.

It turned out to be salted. The main Swiss bank has to pay 607 million 350 thousand US dollars for its failure Ivanishvili case spit.

The judge in charge of Bermuda in the Atlantic set the compensation to this huge amount. It concerns the money of politicians from the East, which was flooded by the subsidiary CS Life.

The verdict wasn’t final yet, CS had always announced that they would continue to fight it.

So far this has had little use. Yesterday’s ruling is rather another brutal defeat against the former prime minister of Georgia, who has lost the favor of many citizens in his homeland – and makes CS a champion.

There at least. But this does not help the money-focused bank, which must see that it is getting new capital for the future.

The Chief Justice of Bermuda, as responsible impartiality is called, is strict on Paradeplatz.

In his “July 25 Judgment,” he ignores their objections. This is based on “hearing” the parties to the conflict a month ago.

CS lawyers tried to get the parent bank in Zurich to forfeit liability to pay compensation. CS Consultant scam in Geneva Pascal Liskaudron It only affects Bermuda affiliate CS Life, so their argument.

They should take responsibility for their mistakes.

CS Headquarters was out of obligation to pay. The trick from three seconds to twelve. At least that’s how the maneuver got to Bermuda.

The island kingdom’s chief justice with its many opaque financial firms and mailboxes found that only now, after nearly 5 years of litigation, introducing an initiative of such fundamental importance was an “abuse of the process”.

Instead, CS demonstrated “by its actions” that it would stand “behind CS Life’s obligations under the judgment,” according to the judge.

The Security Court’s last hope is now the Appeals Body. But this does not change anything about the obligation to transfer the amount of damage imposed first.

According to the ruling, Switzerland’s No. 2 holder is required to transfer more than $600 million – the “sentencing debt”, as the compensation is officially called – into Julius Baer’s escrow account within exactly 42 days.

A closed account from which a large amount of money, depending on the final outcome of the long legal dispute, flows to Ivanishvili as the plaintiff or back to the Swiss bank as the defendant.

What is remarkable about yesterday’s judge’s ruling is that Bidzina Ivanishvili does not have to take “credit risk” to CS in the event of other pending lawsuits.

The Bermuda judge said this could not be expected of him, because CS had shown themselves in the past unwilling to take responsibility for the damage they had caused.

In this context, reference was made to the English Financial Conduct Authority’s “watch list”, of which Credit Suisse is a major exception among well-known multinational financial firms. recently landed.