UBS Wins $282 Million Cut in Damages Bill to Georgian Tycoon

UBS Group AG says its won a $282 million reduction in damages it owes to Bidzina Ivanishvili, the controversial Georgian tycoon and political leader who fell victim to a massive embezzlement scheme by a rogue banker at Credit Suisse.

Singapore’s International Commercial Court ordered the damages previously set at $743 million to be cut to $461 million, UBS said in a note accompanying its third-quarter results on Wednesday. The court’s revised award to Ivanishvili includes interest and costs, it said.

Bidzina Ivanishvili

Photographer: Giorgi Arjevanidze/AFP/Getty Images

The case is a win for UBS, which acquired its stricken rival Credit Suisse last year. The ...