Credit Suisse Unit Ordered to Pay Georgian Tycoon Ivanishvili $743 Million
- Compensation revised down, brings saga one step closer to end
- Bank failed to protect client assets, Singapore court confirms
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A Credit Suisse unit has been ordered to pay billionaire Bidzina Ivanishvili reduced damages of $742.7 million by a Singapore court as it confirmed that the bank’s trust had failed to safeguard its client’s assets.
The amount was revised down from the $926 million assessed by the court in May. At the time, the court said the final award would be reduced to avoid double recovery after a Bermuda court last year awarded Ivanishvili more than $600 million in damages in that case.