Greek shipowner Charalambos Ventouris has been dealt another setback in a battle with Credit Suisse over major financial losses suffered as a result of the collapse of Lehman Bros.

Ventouris invested $12m in a Lehman Bros five year autoredemption note he thought was extremely safe but the funds were lost with the bankruptcy of the American bank and its consequent default.

The shipowner who had funds of $50m available for investment in 2007 as a result of the sale of five of his seven bulk carriers was looking for a better than bank deposit rate of return but had a low investment risk tolerance.

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