Credit Suisse Loses Bid to Keep Rogue-Banker Reports Under Wraps

Bloomberg2021-11-03

$400 million invested in Bermuda unit lost, Ivanishvili claims Credit Suisse is ‘controlling’ discovery process, says judge Credit Suisse Group AG lost a court fight to keep the lid on confidential ...

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Sfun
2021-11-03
Sfun
haha
deadcow
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deadcow
amc
- Sfun:
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MercaptO
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MercaptO
Oh no
- deadcow:
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Ealmighty
2021-11-03
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Vall
2021-11-03
Vall
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yyhwin12345
2021-11-03
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While Ivanishvili’s losses spurred lawsuits in other jurisdictions including Singapore and New Zealand, Bermuda accounts for close to half of his total losses, his lawyers say.\nCredit Suisse declined to comment on the Bermuda court ruling.\nWhen Lescaudron’s fraud was exposed in 2015, Credit Suisse commissioned PwC to investigate how he could have faked trades and orders over nearly a decade to cover the growing losses he incurred on behalf of Ivanishvili and a clutch of wealthy Russian clients -- without anyone knowing. The Frenchman was convicted of fraud in 2018 but was released from prison less than a year after his conviction because of poor health.\nLescaudron, who took his own life in 2020, was a lone wolf who hid his crimes from colleagues and superiors, the Zurich-based bank has consistently said. Ivanishvili and other plaintiffs say that his colleagues must have known about his fraudulent behavior and if they didn’t, bear criminal responsibility for failing to spot it.\nRefusal\nThe bank’s refusal to share PwC’s findings in the pretrial process known as discovery can’t be justified on the basis that it’s protected by attorney-client privilege, Justice Hargun said in the ruling.\nGiven the bank gave some of PwC’s findings to the Swiss prosecutor, which were used to convict Lescaudron, “it is not readily apparent how it can be asserted that the PwC reports are privileged,” Hargun wrote.\nMoreover, he reminded the bank that it had agreed to share PwC’s findings with Ivanishvili as they became available.\nThe bank was also chided for failing to share with its Bermuda unit copies of a separate independent report into Lescaudron’s fraud commissioned by Switzerland’s banking regulator Finma, despite its obvious relevance, Hargun said.\nCredit Suisse in April secured a U.K. injunction against Ivanishvili and his PR adviser who’d posted a copy of the Finma report online. CS Life has subsequently obtained a copy of the report, Hargun said, and there is “no sufficient reason why it should not be required to provide discovery of the document.”\nIvanishvili’s PR adviser and a spokeswoman for PwC both declined to comment.\nA trial in the case is scheduled to open Nov. 15 at the commercial court in the capital Hamilton and is due to last five weeks, according to the court’s 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