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Credit Suisse Trust ‘Failed Basic Duty,’ Says Billionaire Client

  • Tycoon claiming $800 million in losses after Bermuda victory
  • Case hinges on local unit’s liability for fraudster’s actions
Bidzina Ivanishvili
Bidzina IvanishviliPhotographer: Daro Sulakauri/Bloomberg
Updated on

Credit Suisse Group AG’s Singapore trust unit “failed in its basic duty” to safeguard a billionaire client’s assets, his lawyers argued on the opening day of a widely anticipated trial. 

Bidzina Ivanishvili is suing CS Trust (Singapore) Ltd. for $800 million in damages and lost income, arguing the bank should have spotted the fraud being committed by former Credit Suisse banker turned fraudster Patrice Lescaudron much earlier.