The $35 late charge credit card companies tack onto a late payment is nothing compared to what the Credit Suisse Group AG chief executive owes his wife for being 12 days late with a divorce-related payment.
Brady Dougan, of Greenwich, owes his ex-wife, Tomoko Hamada Dougan, more than $750,000 in interest for being almost two weeks late with a $7.5 million divorce-related payment, the state Supreme Court has ruled.
The decision the high court made on Monday upholds a section of the divorce settlement dealing with interest on late payments that he argued shouldn't be enforced.
Justices noted that Dougan is a "financially sophisticated" businessman and had agreed to the terms.
Dougan had agreed to pay his ex-wife, Tomoko Hamada Dougan, $15.3 million in two installments under their 2005 divorce settlement, according to court documents.
He gave her about $25,000 representing interest for the 12 days at the 10 percent annual rate set by the settlement, records state.
However, the section that Dougan disputed said that if Dougan was late with a $7.5 million payment due in June 2006, he would have to pay interest at a 10 percent annual rate dating back to when the agreement was signed in 2005.
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Dougan said he should only owe interest for the 12 days the payment was late.
