Credit Suisse to pay $926 million to Georgia's ex-PM and billionaire after fraud scandal.
Credit Suisse has been ordered to pay $926 million to Georgia's former prime minister, Bidzina Ivanishvili, for losing part of his fortune. The Singapore court ruled that Credit Suisse had not acted in good faith and neglected to keep Ivanishvili's assets safe. The bank is being taken over by UBS and said it would appeal the decision. Ivanishvili had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005. Credit Suisse is also appealing another judgment related to its management of Ivanishvili's assets.