A wealthy Kuwaiti family won a London lawsuit against Credit Suisse after losing $29 million investing with the bank during the 2008 financial crisis.
Bloomberg News reports that Mahmoud Haji Haider Abdullah and his sons, Maytham, Mahdi, and Mansour, had lost $29 million at the end of October 2008, Judge Andrew Baker said Monday, without ruling on how much money they can recover. Filings in the case say the family is worth at least half a billion dollars.
He said the bank was responsible for “actionable breaches of duty” over the family’s purchase of a $20 million three-year note in May 2008. In October 2008, Maytham and Mahdi chose not to meet a margin call issued by Credit Suisse, which meant they suffered “a total loss of their net investment” in a series of notes and were left overdrawn at Credit Suisse by $336,275.60.
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