Late Fees for Divorce Agreement
Wednesday, May 13th, 2009 at 11:25 pm
The chief executive officer (CEO) of Credit Suisse Group, Brady Dougan, is complaining about divorce late fees. Recently, he was in Connecticut courts fighting almost $1 million claim of tardiness fee from his wife.
The 49-year old bank executive suffered a blow when state Appellate Court ruled that he must abide with the late penalty terms of his $7.5 million payment to Tomoko Hamada Dougan based on their 2005 divorce agreement. David Borden, Supreme Court Justice, wrote that Brady is a financially sophisticated and highly educated person but wants to avoid an obligation that he undertook. He said further that his estate is nearly $80 million – he could have easily made the payments as soon as signing the deal.
According to a message left with Gary Cohen, Brady’s attorney, it wasn’t clear if he is planning to appeal. Actually, he already paid his wife $7.8 million in 2005. However, the divorce agreement states that he’s supposed to pay another $7.5 million by June 16, 2006. He paid on June 28 but gave his ex-wife $25,000 to cover the interest for the 12-day delay.
But in a case that Hamada filed for her ex-husband, she said that he should be liable for more than a year’s interest which dates back from the date of agreement signing. Unfortunately for Brady, she got the Appellate Court on her side.
Tags: Appellate Court, attorney, Brady Dougan, Credit Suisse Group, Divorce, Gary Cohen, Tomoko Hamada Dougan