Finance
Credit Suisse Loses Singapore Case Against Georgian Billionaire Ivanishvili
- Bank says judgment wrong, poses very significant legal issues
- Ruling marks another major setback for embattled Credit Suisse
This article is for subscribers only.
A Credit Suisse Group AG unit was ordered to pay billionaire Bidzina Ivanishvili what is set be hundreds of millions of dollars by a Singapore court, in yet another blow for the bank in the long-running legal saga.
The court put damages at $926 million, minus deductions for an earlier settlement. The amount will be further revised down “to ensure there is no double recovery” after a Bermuda court last year awarded Ivanishvili more than $600 million in damages in that case.