Georgian billionaire wins $926 million from Credit Suisse after fraud

Court says compensation total to be reduced by $79 mlnSwiss bank says it will appeal Singapore verdictwas ordered to pay $926 million to Georgia's former prime minister on Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank.

In its judgment published on Friday, the court said the bank had failed to safeguard Ivanishvili's assets by preventing Patrice Lescaudron, an adviser at Credit Suisse Trust in Singapore, having access to them. "It preferred the importance of Mr Lescaudron in retaining the big client, the plaintiff, with the Credit Suisse organisation to the compliance with its core obligation of keeping the Trust assets safe."

"The judgment published today is wrong and poses very significant legal issues," Credit Suisse said in a statement. "Credit Suisse Trust Limited intends to vigorously pursue an appeal," it added.

Source: Law Daily Report (lawdailyreport.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse Ordered To Pay Georgia’s Richest Man $926 Million After Fraud ScandalThe court said the bank had failed to safeguard the assets of Bidzina Ivanishvili, Georgia’s richest man and its former prime minister.
Source: Forbes - 🏆 394. / 53 Read more »

Credit Suisse Ordered To Pay Georgia’s Richest Man $926 Million After Fraud ScandalCredit Suisse has been ordered to pay billionaire Bidzina Ivanishvili, Georgia’s richest man and the country’s former prime minister, $926 million in compensation for failing to safeguard his assets, another setback for the troubled bank.
Source: Forbes - 🏆 394. / 53 Read more »

Credit cards: What credit score do you need to get a credit cardCredit cards are considered by many to be a necessity in the modern age, but the type of credit card one can get will depend on what their credit score is.
Source: dcexaminer - 🏆 6. / 94 Read more »

Credit Suisse owes millions to Georgia’s billionaire ex-prime minister, court saysCredit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire’s money in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival.
Source: WashTimes - 🏆 235. / 63 Read more »

Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court saysA Singapore court says Credit Suisse owes billionaire and former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect his money in a trust pilfered by a manager.
Source: KPRC2 - 🏆 80. / 68 Read more »

Man drives to Walmart in stolen car, tries to use stolen credit card, Cleveland Police sayThe man accused of driving in a stolen car to the Avon Walmart where he tried to use a stolen credit card is wanted, Cleveland Police confirmed, and detectives need help identifying him.
Source: cleveland19news - 🏆 70. / 68 Read more »