Credit Suisse-Tycoon Clash Has Wealth Industry Holding Its Breath
- Billionaire suing CS Trust for damages tied to banker’s fraud
- Trial hinges on issue of where responsibility in a trust lies
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Georgian billionaire Bidzina Ivanishvili’s $800 million lawsuit against a trust firm owned by Credit Suisse Group AG is set to become a test case for the global industry handling billions in assets for wealthy families.
A win for Ivanishvili against Credit Suisse Trust (Singapore) Ltd. may force a major rethink of how and when trust operators flag unusual transactions or other shady practices.