Kuwaiti investor Mahmoud Haji Haider Abdullah and his sons, Maytham, Mahdi, and Mansour, lost $29 million on investments with Credit Suisse Group AG unit Credit Suisse (UK) Ltd. during the 2008 financial crisis, a London judge ruled in a defeat for the Swiss lender, Bloomberg News reported.
The judge said the bank was accountable for "actionable breaches of duty" related to the Kuwaiti family's purchase of three-year notes worth $20 million in May 2008, the newswire reported. The family refused to meet a margin call on the notes in October 2008 and saw their investment wiped out and their account fall into more than $300,000 of arrears, the judge ruled.
He declined to set any amount for damages, saying one method would indicate a figure of $17.9 million but that he wanted more calculations to be made before issuing a final ruling.
