Credit Suisse loses Singapore case with Georgian tycoon
A Credit Suisse Group AG unit was ordered by a Singapore court to compensate billionaire Bidzina Ivanishvili what may be hundreds of millions of dollars, in yet another blow for the bank in the long-running legal saga. Singapore-based Credit Suisse Trust Ltd. breached its duty to the plaintiffs in failing to safeguard the trust assets, according to a judgment posted on Friday. The court assessed his damages at $926 million, minus deductions for an earlier $79.4 million settlement. The amount could be further subject to change “so as to ensure there is no double recovery” given that a Bermuda court last year awarded Ivanishvili more than $600 million in damages in the case. “The loss suffered by the plaintiffs is the difference between what would have been achieved if the whole portfolio had been removed and managed by a competent, professional trustee and the trust assets were not affected by fraud, and what was actually achieved,” Judge Patricia Bergin wrote in her 248-page...