Georgian billionaire wins US$926mil from Credit Suisse after fraud FMTNews FMTBusiness
Credit Suisse was ordered to pay US$926 million to Georgia’s former prime minister Bidzina Ivanishvili for failing to protect his money.
Ivanishvili’s lawyers Cavinder Bull and Woo Shu Yan from the law firm Drew & Napier said Credit Suisse Trust’s failings had led to fraudulent mismanagement and substantial losses. “It is not accepted that the defendant’s conduct was reasonable,” judge Patricia Bergin said in a written judgment. The US$926 million to be paid by Credit Suisse will be reduced by US$79 million it had already paid in December.
A Bermuda court ruled in March 2022 that Ivanishvili and his family are due damages of around US$600 million from Credit Suisse’s local life insurance arm.
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