Credit Suisse Group AG says it has paid $210 million to date to billionaire Bidzina Ivanishvili in a longrunning legal saga.
(Bloomberg) — Credit Suisse Group AG says it has paid $210 million to date to billionaire Bidzina Ivanishvili in a longrunning legal saga.
The bank has paid in the sum “over time for the proceedings across all the plaintiff’s accounts,” a spokesperson for the Swiss lender said by email.
The statement is the most detailed admission yet of how much the legal wrangling is costing Credit Suisse globally.
In Singapore, Georgian tycoon Ivanishvili sued the bank’s trust unit for $800 million in damages, and lost income he said he would have made over the years if his money had been safely invested.
Rogue banker Patrice Lescaudron was convicted in 2018 for fraud over a scheme he ran to take money from Ivanishvili’s accounts to cover growing losses among others clients’ portfolios.
–With assistance from Chanyaporn Chanjaroen and Ambereen Choudhury.
(adds context on legal cases)
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