Credit Suisse Life (Bermuda) Ltd (Respondent) v Bidzina Ivanishvili and 2 others (Appellants) No 2 (Bermuda)

Credit Suisse Life (Bermuda) Ltd (Respondent) v Bidzina Ivanishvili and 2 others (Appellants) No 2 (Bermuda)

CS Life owed and breached a contractual duty to invest policy assets in accordance with the discretionary mandate chosen by the plaintiffs; damages should be assessed from the policy commencement dates, not asset transfer dates; awareness of representation is not required for fraudulent misrepresentation; the double actionability rule applies, but the claim is actionable under both Bermuda and Georgian law.

Citation
[2025] UKPC 53
Parties
Appellant/respondent: Credit Suisse Life (Bermuda) Ltd; Respondents/cross Appellants: Bidzina Ivanishvili and 6 others
Jurisdiction
United Kingdom
Judgment Date
24 November 2025
Procedural Posture
Appeal / Judgment
Outcome
CS Life's appeal dismissed except as to the start date for damages; cross-appeal allowed, restoring damages for fraudulent misrepresentation.
Legal Topics
Breach of Contract, Fiduciary Obligations, Fraudulent Misrepresentation, Damages Assessment, Choice of Law, Abuse of Process, Mitigation of Loss
Contract Law Fiduciary Duty Tort Law Insurance Law Private International Law Breach of Contract Fiduciary Obligations Fraudulent Misrepresentation +4 more

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Parties

Credit Suisse Life (Bermuda) Ltd

Appellant/respondent

Bidzina Ivanishvili and 6 others

Respondents/cross Appellants

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Did CS Life breach contractual and fiduciary duties owed to the plaintiffs?
  2. 2 Was the investment alternative chosen a discretionary mandate?
  3. 3 Did CS Life owe fiduciary duties post-policy commencement?

Ratio Decidendi

CS Life owed and breached a contractual duty to invest policy assets in accordance with the discretionary mandate chosen by the plaintiffs; damages should be assessed from the policy commencement dates, not asset transfer dates; awareness of representation is not required for fraudulent misrepresentation; the double actionability rule applies, but the claim is actionable under both Bermuda and Georgian law.

Court Disposition

CS Life's appeal dismissed except as to the start date for damages; cross-appeal allowed, restoring damages for fraudulent misrepresentation.

Orders

  • Damages to be recalculated from 31 October 2011 for Meadowsweet policy and 30 November 2012 for Sandcay policy.
  • Any losses from unauthorised transactions before policy commencement to be added to asset value on start date.