Billionaire sues C Suisse

Gavel

Georgian billionaire Bidzina Ivanishvili sued Credit Suisse in Singapore, New Zealand and Bermuda, alleging the bank must have known about the actions of a former employee who forged trades to cover losses from other customers’ accounts.

Bloomberg News reports that Ivanishvili, an ex-prime minister of the former Soviet republic, filed the claims in Auckland at the New Zealand High Court on August 7, then in Bermuda 10 days later and in Singapore on August 25, court documents show.

The lawsuits ask courts in the three jurisdictions to force the bank to hand over documents in the Georgian’s case against a Credit Suisse banker and makes unspecified claims for losses that Ivanishvili’s lawyers say they are still calculating.

"The full extent of Credit Suisse’s wrongdoing has yet to be established,” Adam Rooney, Ivanishvili’s lawyer, said in a statement. “It took place over several years and is strongly indicative of systemic failures at Credit Suisse. He could not have acted alone over such a long period of time.”

Hit the link below to access the complete Bloomberg News article:

Credit Suisse Sued by Billionaire in Singapore and New Zealand

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