Credit Suisse Fights $600 Million Hit From Rogue Banker Case (1)

The lawyer for a Credit Suisse Group AG unit fighting a $600 million damages award over its mishandling of a former star banker turned fraudster suggested the size of the ruling exaggerates what the returns would have been if the money had been invested properly.

A Bermuda judge awarded the damages to bank client and Georgian billionaire Bidzina Ivanishvili in March after ruling that Credit Suisse Life had turned a “blind eye” to convicted fraudster Patrice Lescaudron’s misuse of Ivanishvili’s money. The sum was calculated, based on input from both sides’ accounting experts, to include assets Lescaudron misused or ...