Credit Suisse has been ordered to pay $926 million in damages after a Singapore court ruled the bank failed in its duty to protect the assets of a former Georgian prime minister.
Lawyers for former Georgian Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, alleging shortcomings by the bank led to fraudulent mismanagement and significant losses.
Credit Suisse said it was concerned about the verdict and would appeal.
“The verdict released today is incorrect and raises very important legal issues. Credit Suisse Trust Limited intends to vigorously appeal,” the bank said in a statement.
“The plaintiffs have demonstrated that the defendant breached its duty to the plaintiffs to secure the assets of the trust on March 30, 2008,” the Singapore Court of International Trade said in a judgment released on Friday.
“The defendant is obliged to compensate the plaintiffs for their damages for the calculated amount,” the court said. “That amount as currently calculated as of the date of trial is $926 million.”
Following a settlement, that amount is to be reduced by $79.4 million, the court said. (Reporting by John Revill; Editing by Jason Neely)
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