The bank has been involved in a Singapore court case with Georgian tycoon Bidzina Ivanishvili, who sued its trust unit for damages and lost income thinking that his money had been safely invested. The bank has contested the claims.
Credit Suisse says it has paid $210 million so far to billionaire Bidzina Ivanishvili as part of a long-running legal battle, Bloomberg has reported.
The bank declined to comment to this publication today on the matter when asked.
The newswire report quoted a spokesperson for the bank saying that it had paid in the sum “over time for the proceedings across all the plaintiff’s accounts.”
The figure reportedly emerged amid closing arguments at a two-day hearing in Singapore, which will mark the end of a trial that began in September.
Georgian tycoon Bidzina Ivanishvili sued the bank’s trust unit for $800 million in damages and lost income which he said he would have made over the years if his money had been safely invested. 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 other clients’ portfolios.
Credit Suisse Trust has consistently argued that its responsibility was limited to administration of the assets belonging to Bidzina Ivanishvili and that it was the tycoon, or his Georgian business advisor, who called the shots on investment decisions and should be liable for any losses. Lescaudron was a lone wolf who hid his crimes from colleagues, the bank said.