Credit Suisse owes millions to Georgia’s billionaire ex-prime minister, court says

By COURTNEY BONNELL
Associated Press

LONDON (AP) — A Singapore court says Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire’s money in a trust pilfered by a manager. The decision Friday is the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival. Ivanishvili sued after an employee managing his trust “misappropriated many millions of dollars” over nine years. Credit Suisse says the decision is wrong and plans to appeal. The judge found that the lender ”is liable to compensate the plaintiffs for their loss.” That’s been calculated at $926 million, minus $79.4 million that the bank agreed to pay last year in a settlement.