23/07/2020 • Bloomberg

Credit Suisse Faces New Suit in Singapore Over Rogue Trader

Bidzina Ivanishvili, the biggest victim of a rogue trader at Credit Suisse Group AG, is suing one of the bank’s trusts in Singapore for at least $300 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 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.

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