Credit Suisse has been ordered by a Singaporean judge to pay Georgia’s former prime minister Bidzina Ivanishvili $926 million, in a final blow to the bank just weeks before UBS is expected to complete the takeover.
Billionaire Ivanishvili, Georgia’s richest man, won a lawsuit against UBS in Bermuda last year for $607.5 million.
Ivanishvili’s dispute with Credit Suisse dates back to 2011, when he was the client and victim of a private banker who defrauded some of the Swiss bank’s most sensitive accounts.
Credit Suisse, embroiled in numerous lawsuits in recent years, is being taken over by UBS as part of an orchestrated state rescue. The deal could close in the next few days.