Credit Suisse faces US$300 million lawsuit in Singapore over rogue trader
15:20, Monday, 27 July, 2020
Bidzina Ivanishvili, the biggest victim of a rogue trader at Credit Suisse Group, is suing one of the bank's trusts in Singapore for at least US$300 million (S$415.6 million), opening a fresh front in the long-running dispute. The lawsuit alleges that the Credit Suisse trust "failed to act in good faith and in the best interests of the beneficiaries", namely Mr Ivanishvili and his family, by neglecting to do proper due diligence on how their investments were managed. Singapore's top court paved the way for the lawsuit earlier this month when it ruled that the city-state had jurisdiction over the case. Credit Suisse has sought to limit court battles over Patrice Lescaudron, the bank's former star wealth manager, to Geneva where he was convicted in 2018. Lescaudron was sentenced to prison for forging signatures and faking trades to cover mounting losses of clients, including Mr Ivanishvili.