Scumbag Bankster Owes Ex-Wife Interest on Divorce Payment

[Joanne98]

May 14 (Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Brady Dougan must pay a year’s worth of interest on a late $7.5 million payment he made to his ex-wife under their 2005 divorce agreement, a Connecticut appeals court ruled.

Dougan, 49, and Tomoko Hamada Dougan, 52, were divorced on June 17, 2005, under an agreement requiring him to pay $7.83 million within 30 days and another $7.5 million by June 16, 2006, according to an opinion released by the appellate panel yesterday in Hartford. Dougan made the second payment 12 days late, triggering a 10 percent interest payment provision.

The dispute was over what period the interest should cover. Dougan paid $24,999.96 in interest, covering the 12 days he was late. In a 2-1 opinion, the court said he owed interest dating to the time of the divorce agreement, covering another year. The court reversed a ruling by the trial judge, who found the interest provision was unenforceable even though the parties had negotiated and agreed to it.

Dougan “had use of $7.5 million for one year,” according to the majority opinion by Judge C. Ian McLachlan. The bank CEO “could have made that payment at the time of the judgment. Instead, the plaintiff, an investment banker, had the use of the money with the knowledge that he would lose the benefit of no interest for that year if he failed to pay the defendant on time.”

Credit Suisse

An attorney for Dougan, Gary Cohen, didn’t return calls seeking comment. A spokeswoman for Credit Suisse, Victoria Harmon, declined to comment.

Gaetano Ferro, an attorney for Tomoko Hamada Dougan, estimated in an interview that Dougan owes about $970,000 in interest based on the appeals court’s ruling, which sent the case back to the lower court to implement the findings.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a9SHlEWHM4Ws&refer=home

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