Bermuda's Supreme Court is "shortly expected" to issue a judgment against a local life insurance subsidiary of the Credit Suisse banking group, costing more than $500m, the Zurich-headquartered group said in a statement on the evening of 23 March.
The judgment is likely to affect Credit Suisse Life Bermuda, it said.
"Credit Suisse Group announces that a court in Bermuda is expected to publish shortly a judgment against a local life insurance subsidiary of Credit Suisse AG, Credit Suisse Life Bermuda, potentially totalling in excess of USD 500 million.
"Credit Suisse has previously taken reserves against this matter and intends to pursue all available legal actions.
"We will consider whether any further reserves are required as part of our first-quarter results due to be published on April 27, 20222, it said.
The swiss bank has been contesting claims by people seeking compensation for losses caused by former Credit Suisse client adviser Patrice Lescaudron.
Billionaire Ivanishvili's dispute with Credit Suisse started in 2011 when he was a private banking client of the group.
For more than a decade, Credit Suisse private banker Patrice Lescaudron had allegedly defrauded some of the Swiss bank's most sensitive accounts — including those held by Ivanishvili and Russian oligarch Vitaly Malkin — funding a lavish lifestyle of luxury houses, sports cars, Rolex watches and gifts of Chanel jewellery.
Ivanishvili has made several criminal complaints in Switzerland and sued Credit Suisse's Bermuda subsidiary in a trial at the country's supreme court in November and December last year.
