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Credit Suisse’s legal headaches cost the bank another $700 million

Its shares were listed down 2.8% in premarket activity.

He said provisions relating to a number of previously disclosed legal matters, all of which originated more than a decade ago, would increase by around 600 million Swiss francs to total around 700 million Swiss francs (736 million Swiss francs). dollars).

It came after a court in Bermuda last month ruled that the former Georgian prime minister and his family owed damages ‘substantially over $500 million’ from the life insurance arm. local Credit Suisse as a result of fraud.

In its expected results on April 27, the group said it “would expect to report a loss as a result of this increase in reserves”, without being more specific.

Its exposure to the impact of Russia’s invasion of Ukraine would negatively affect results by a total of CHF 200 million of negative revenue and provisions for credit losses.

Its first quarter results will also include previously reported losses of around 350 million francs linked to a decline in the value of its 8.6% stake in Allfunds Group, it said.

Underlying results were hurt by a reduction in capital markets issuance and lower trading activity, he added.

These losses would be partially offset by a reversal of provisions of around 170 million francs in respect of claims on the collapsed investment fund Archegos and by real estate capital gains of around 160 million francs, specifies-t- he.

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