In Credit Suisse Trust Limited v Ivanishvili, Bidzina and others [2024] 2 SLR 0164, Credit Suisse Trust Limited (CS Trust) was the trustee of a trust holding assets exceeding US$1.1 billion. These assets were deposited with Credit Suisse AG and managed by an individual who misappropriated the assets. CS Trust argued that it had only breached a tortious duty of care but CoA held that CS Trust had in fact breached its fiduciary duty to the trust beneficiaries. This gave rise to the presumption that CS Trust’s breach caused the trust losses, and CS Trust would have to prove that the beneficiaries would have suffered the losses even if there was no breach. The CoA also clarified that fiduciary and tortious duties were neither binary nor mutually exclusive – the duties were theoretically distinct and could be owed and breached by the same person. Read more: go.gov.sg/smu-2024slr0164 #sgcourtsxsmu