This story tells the sad part of Divorce.
Credit Suisse Party AG Chief Executive Officer Brady Dougan be forced to pay a year’s valuation on interest over a late $7.A few million payment he made to his ex-wife beneath their 2006 divorce agreement, a Connecticut appeals courtroom ruled.
Dougan, 49, and Tomoko Hamada Dougan, 52, were divorced about June 17, 2005, under a contract requiring him to pay $7.83 million inside of 30 days and an additional $7.5 million by Summer 16, '06, according to a viewpoint released from the appellate panel yesterday in Hartford. Dougan made the second payment 12 times late, triggering a 10 percent interest transaction provision.
The particular dispute had been over exactly what period the eye should include. Dougan paid $24,999.Ninety-six in curiosity, covering the A dozen days he or she was late. In a 2-1 viewpoint, the court stated he owed interest courting to the moment of the divorce agreement, covering one more year. A legal court reversed the ruling through the trial determine, who identified the interest supply was unenforceable although parties had negotiated and agreed to it.
Dougan “had use of $7.5 thousand for one yr,” according to the bulk opinion through Judge Chemical. Ian McLachlan. The bank CEO “could have made which payment at that time of the judgment. As an alternative, the complaintant, an investment bank, had the employment of the money with the data that he would certainly lose the benefit of no interest for that yr if he or she failed to pay the defendant promptly.”
Credit Suisse
An attorney for Dougan, Whilst gary Cohen, didn’t return calls seeking comment. A spokeswoman for Credit rating Suisse, Victoria Harmon, declined in order to comment.
Gaetano Ferro, an attorney for Tomoko Hamada Dougan, projected in an meeting that Dougan owes concerning $970,000 within interest based on the appeals court’s judgment, which delivered the case returning to the lower court docket to apply the results.
Dougan became the first American in order to serve as sole CEO of Credit Suisse inside May 2007 after proceeding the company’s purchase bank for 3 years. This individual helped push Credit Suisse away from subprime mortgage investments before their particular collapse froze credit card debt markets and generated $1.46 trillion in writedowns and loss at monetary companies worldwide.
After graduating from company school within 1982, Dougan became a member of Bankers Trust Corp. He labored in the investment banking division and later for your nascent derivatives device. He moved to London and after that to Tokyo, japan, where he built the particular firm’s bond underwriting section from scratch at the age of Twenty-four. He joined Zurich-based Credit Suisse inside 1990.
