The dispute with Ivanishvili adds to the problems the newly appointed Chief Executive Officer Ulrich Koerner and chairman Axel Lehmann are keen to resolve as the bank reels from reputational hits in the last two years. The potentially expensive legal spat with the Georgian is one of many that still weigh on the bank’s costs, on top of likely restructuring charges amid a strategic review that could see the investment bank drastically reduced.
Credit Suisse Group AG’s next legal battle unfolds in Asia on Monday as a local subsidiary stands trial in Singapore accused by a billionaire client of negligence he says cost him as much as US$800 million.
Bidzina Ivanishvili, a Georgian tycoon who was once his country’s prime minister, is expected to testify via video link on the opening day of the trial, which comes just months after his victory in a related clash with the Swiss bank’s Bermuda life insurance unit.
