Walkers engaged to act in appeal for Credit Suisse Life (Bermuda) Ltd.

Walkers were engaged by Credit Suisse Life (Bermuda) Ltd. ("CSLB") following a five week trial at first instance and delivery of a USD 607.35m judgment of the Chief Justice in the Supreme Court of Bermuda on 29 March 2022.

Walkers were instructed to advise on the appeal of the March 2022 judgment, in favour of the former prime minister of Georgia, Bidzina Ivanishvili, arising from allegations over the conduct of a rogue trader Patrice Lescaudron. The appeal was heard in a five day special sitting in December 2022. The Court of Appeal handed down judgment on 23 June 2023, allowing CSLB's appeal on certain fraudulent misrepresentation claims, but dismissed the appeal overall on breach of contract and breach of fiduciary duty claims, including CSLB's grounds of appeal in relation to damages.

An appeal of the 23 June 2023 Court of Appeal judgment to the Judicial Committee of the Privy Council in London is pending.

CSLB were represented by Lord Charles Falconer and Steven Thompson KC, Peter Dunlop and Izabella Arnold of Walkers, instructed by Gibson, Dunn & Crutcher LLP, London.

The Court of Appeal judgment can be accessed here: Credit Suisse Life (Bermuda) Limited v Bidzina Ivanishvili et al [2023] CA (Bda) 13 Civ

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