UBS Group AG has successfully reduced the damages owed to Bidzina Ivanishvili by $282 million, as ruled by Singapore's International Commercial Court.
The court adjusted the damages from $743 million to $461 million, which includes interest and costs.
This decision was made due to Ivanishvili being a victim of embezzlement by a rogue banker at Credit Suisse.
UBS announced the revised damages figure in a note accompanying its third-quarter financial results, emphasizing the impact of the court's ruling on its financial obligations.