Credit Suisse Sued by Billionaire in Singapore and New Zealand
- Ivanishvili also targets bank’s Bermuda insurance unit
- Claims bank is blocking access to evidence in separate case
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Georgian billionaire Bidzina Ivanishvili sued Credit Suisse Group AG in Singapore, New Zealand and Bermuda, alleging the bank must have known about the actions of a former employee who forged trades to cover losses from other customers’ accounts.
Ivanishvili, an ex-prime minister of the former Soviet republic, filed the claims in Auckland at the New Zealand High Court on August 7, then in Bermuda 10 days later and in Singapore on August 25, court documents show. The lawsuits ask courts in the three jurisdictions to force the bank to hand over documents in the Georgian’s case against a Credit Suisse banker and makes unspecified claims for losses that Ivanishvili’s lawyers say they are still calculating.