Legal
Credit Suisse Unit Did ‘Incompetent Best’ for Billionaire Client, Lawyer Says
- Swiss bank’s unit fights order to pay billionaire $743 million
- Singapore verdict was “wrong,” Credit Suisse said in May
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A lawyer for a Credit Suisse trust seeking to overturn the $743 million in damages the bank owes to Georgian billionaire Bidzina Ivanishvili said the staff responsible did their “incompetent best.”
In a surprise concession to the challenge the Swiss bank faces in its appeal over its mishandling of rogue banker Patrice Lescaudron, the lead lawyer for Credit Suisse Trust Ltd. told a Singapore court on Monday that staff failed to inform their client of the illicit payments Lescaudron had made.