Media mogul Desmond wins settlement from GLG and Credit Suisse

Media tycoon Richard Desmond has agreed to settle his £42m court case against Credit Suisse and GLG, accepting a significant settlement figure, according to reports.

The owner of the Daily Express has received a figure thought to be above £10m in a joint settlement with the two financial institutions over a derivative swap he claimed was too complex to understand. Desmond's lawyers claimed the swap was “incomprehensible except to an expert” and GLG did not inform him of the risk of “unpredicted, unpredictable or unmanageable losses”, the Evening Standard reports. A trial would have begun in January 2015 if a settlement had not been reached. Desmond and trustees of his pension scheme had sued Credit Suisse and GLG over a derivative swap he bough...