A Singapore court ordered Credit Suisse (CSGN.S) to pay $926 million for failing to protect the assets of a former Georgian prime minister.
Former Georgia Prime Minister Bidzina Ivanishvili sued Credit Suisse in Singapore, New Zealand, and Bermuda, alleging fraudulent mismanagement and significant losses.
Credit Suisse indicated it would appeal the ruling.
“Today’s verdict is erroneous and raises serious legal difficulties. “Credit Suisse Trust Limited will vigorously appeal,” the bank added.
“The plaintiffs have established that the defendant breached its duty to the plaintiffs to safeguard the trust assets as at 30 March 2008,” the Singapore International Commercial Court said on Friday.
“The defendant is liable to compensate the plaintiffs for their loss in the amount calculated,” the court said. “That amount as presently calculated to the date of trial is USD 926 million.”
The court ordered a $79.4 million reduction after a settlement.
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