C Suisse to face $700m lawsuit, ex-UBS man hired for top bad bank job

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Credit Suisse will face a $700 million legal battle in London's High Court in October 2014 over the sale of rights to one of the largest onshore oil and gas projects in Azerbaijan, according to spokespeople for both sides.

Reuters reports that Georgian businessman Zaur Leshkasheli, now chairman at London-based Mayfair Energy Group, is suing the bank on claims of breach of contract and negligence, after it sold a stake owned by one of his companies in the Kyurovdag oil field in 2008.

The news agency also reports that the body charged with handling Britain's stakes in lenders has hired a senior banker from UBS to manage its holdings in the 'bad bank' books of Northern Rock and Bradford & Bingley.

UK Financial Investments (UKFI) said Christopher Fox, who was UBS's head of UK banks coverage and head of the financial institutions group for the Middle East and Asia based in London, had joined on Monday.

Credit Suisse to face $700 million lawsuit in London court

UKFI hires UBS banker to run down 'bad bank' loans

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