Richard Morgan KC (who did not appear below), leading Louise Hutton KC and Felix Wardle, instructed by Hurrion and Associates in Bermuda and Blake Morgan in London, appeared on behalf of the successful respondents opposing an appeal by Credit Suisse Life against a US$607 million judgment entered against it in March 2022 relating to the extensive frauds perpetrated in the course of the mismanagement of the respondents’ investments.

Bermuda Court of Appeal, 23 June 2023

Ivanishvili US$607 judgment against Credit Suisse Life upheld by Bermuda Court of Appeal

Credit Suisse instructed Lord Falconer KC of Gibson Dunn & Crutcher and Steven Thompson KC.

Following a week long appeal, the Bermuda Court of Appeal (Clarke P., Smellie JA and Bell JA) held that a new argument which Credit Suisse Life sought to run on appeal was clearly an abuse of process (at para 135), that Credit Suisse Life was too late to complain about points in respect of which it alleged it had had insufficient notice by way of pleadings (at para 211), that the Chief Justice had been correct in his findings about the extent of the contractual duties of Credit Suisse Life (from para 212) and the existence and scope of fiduciary duties (from para 224), and that his judgment on the quantum of loss was sufficiently reasoned to support the amount awarded (from para 264).

Judgment can be viewed here.