Credit Suisse CEO facing his own late fee
Business Law
Even the chief executive of banking giant Credit Suisse Group is complaining about late fees these days.
As Congress and the president talk about ending so-called abuses in the credit card industry like sudden rate hikes and late fees, Brady Dougan is in Connecticut courts fighting claims that he owes his ex-wife nearly $1 million for being 12 days tardy with a $7.5 million divorce-related payment.
The 49-year-old chief executive, who lives in Greenwich, suffered a blow in his legal case Wednesday, when the state Appellate Court ruled 2-1 that he must abide by the late payment penalty terms in his 2005 divorce agreement with Tomoko Hamada Dougan.
Retired state Supreme Court Justice David Borden, sitting on the Appellate Court for Dougan v. Dougan, wrote that Brady Dougan is a "highly educated and financially sophisticated" person who "wants to avoid the obligation that he knowingly undertook."
Supreme Court Justice C. Ian McLachlan, appointed to the high court in January, voted with Borden in the appellate ruling. He noted that at the time of the divorce agreement, Brady Dougan's estate was worth nearly $80 million and it appeared he could have made the $7.5 million payment soon after signing the deal.
The Appellate Court overturned a Superior Court decision and sent the case back to the lower court to decide how much Dougan should pay his ex-wife.
It was not clear if Dougan planned to appeal to the state Supreme Court. A message was left Thursday with his attorney, Gary Cohen.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.