Late Fees for Divorce Agreement

Wednesday, May 13th, 2009

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
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