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Credit Suisse was 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 a shocking turn of events on Friday, Credit Suisse was ordered to pay $926 million to Georgia's former prime minister for losing part of his fortune, in a Singapore court verdict that is claimed to be one of the most huge legal awards made against the bank.According to Singapore's International Commercial Court, a unit of Credit Suisse had not acted in good faith and refused to keep the assets of Bidzina Ivanishvili safe, in the most recent blow to the troubled bank, which is being acquired by UBS.
Lawyers for former Georgia Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.
A Singapore court ordered a Credit Suisse trust unit to compensate the former prime minister of Georgia, though the judgment didn't state the exact amount of damages to be paid.
Credit Suisse Trust Limited failed to safeguard the assets held in the trust and therefore breached its duty to the plain