Credit Suisse Life (Bermuda) Ltd (Appellant) v Bidzina Ivanishvili and 6 others (Respondents) (Bermuda)

Credit Suisse Life (Bermuda) Ltd (Appellant) v Bidzina Ivanishvili and 6 others (Respondents) (Bermuda)

CS Life owed a contractual duty to invest policy assets in accordance with the discretionary mandate chosen by the policyholder. The oral selection of discretionary mandate was not overridden by signed forms. Damages should be assessed from the date the policy commenced, not from the date assets were transferred. Losses after August 2017 remain recoverable as CS Life failed to prove plaintiffs' voluntary actions broke causation. Awareness of representation is required for fraudulent misrepresentation claims under Bermuda law. The double actionability rule applies, requiring actionability 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 / Final Judgment
Outcome
CS Life's appeal dismissed except as to start dates for damages assessment; cross-appeal dismissed.
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 / Final Judgment

Legal Issues

  1. 1 Whether CS Life owed contractual and fiduciary duties to invest policy assets in accordance with the chosen investment alternative
  2. 2 Whether oral selection of discretionary mandate was overridden by signed forms
  3. 3 Whether damages should be assessed from dates before policy commencement

Ratio Decidendi

CS Life owed a contractual duty to invest policy assets in accordance with the discretionary mandate chosen by the policyholder. The oral selection of discretionary mandate was not overridden by signed forms. Damages should be assessed from the date the policy commenced, not from the date assets were transferred. Losses after August 2017 remain recoverable as CS Life failed to prove plaintiffs' voluntary actions broke causation. Awareness of representation is required for fraudulent misrepresentation claims under Bermuda law. The double actionability rule applies, requiring actionability under both Bermuda and Georgian law.

Court Disposition

CS Life's appeal dismissed except as to start dates for damages assessment; cross-appeal dismissed.

Orders

  • Damages to be recalculated from 31 October 2011 for Meadowsweet policy and 30 November 2012 for Sandcay policy, adding losses from unauthorised transactions before policy commencement.
  • No damages for fraudulent misrepresentation claim.