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On 25 January 2022, the High Court dismissed an employee’s claim for more than $86m loss of earnings following his arrest and conviction by the Romanian authorities in connection with his work as an adviser on a utility privatisation in Romania in 2006.

Freedman J held that:

  1. Credit Suisse (the employer) did not owe Mr Benyatov (its employee) an implied contractual duty to indemnify him in respect of future loss of earnings arising from performing his duties on its behalf. The duty to indemnify implied into the contract of employment was limited to payments made, or to be made, by the employee in the performance of his duties.
  2. Credit Suisse did not owe Mr Benyatov a duty of care in tort not to expose him to criminal conviction in the performance of his duties; further, it did not breach any duty of care; and Mr Benyatov’s tort claim was time-barred in any event.

A copy of the judgment is here.

Credit Suisse Securities (Europe) Limited was represented by Paul Goulding QC, leading Paul Skinner and Emma Foubister, instructed by Cahill Gordon & Reindel (UK) LLP.

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