Credit Suisse has been ordered to pay billionaire Bidzina Ivanishvili, Georgia’s richest man and the country’s former prime minister, $926 million in compensation for failing to safeguard his assets, another setback for the troubled bank.
Credit Suisse has been ordered to pay billionaire Bidzina Ivanishvili, Georgia’s richest man and the country’s former prime minister, $926 million in compensation for failing to safeguard his assets, another setback for the troubled bank following a string of controversies as Swiss rival UBS prepares to finalize its takeover.
The court said the sum was the difference between Ivanishvili’s $1.1 billion portfolio under Credit Suisse and the returns it would have been expected to achieve had it been managed by a “competent, professional investment manager where the trust fund was not affected by fraud.” The court ordered Credit Suisse to pay Ivanishvili the sum as compensation for his loss, minus $79.4 million it had already paid.a similar ruling from a court in Bermuda last year, which ordered the bank to pay damages of $607.5 million.
The Singapore court said the amount paid for the Bermuda ruling could change so as to avoid “double recovery” on account of the court's decision.the Singaporean court’s judgment “is wrong and poses very significant legal issues,” adding that it will “vigorously pursue an appeal.
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