CEO Sends Check Late, Ex Entitled to Extra $1M

If you thought your credit card company was rough on you when you mailed the check late, they’ve got nothing on the ex of the chief executive of Swiss banking giant Credit Suisse.

He was 12 days late with a divorce-related payment in 2006, so she demanded nearly $1 million because of that late payment. And a Connecticut appeal court said she should get the cash.

Being a CEO and all, Brady Dougan is a "financially sophisticated person" and knew what he was doing when he accepted the terms of his divorce agreement.  But now, he’s reluctant to fulfill them, the court decided Wednesday.

Here’s what they agreed to in 2005: Dougan would pay a penalty if he was late in making a $7.5 million payment due to his ex-wife in 2006. Well, late he was, by 12 days, so now he’s liable for nearly $950,000 in interest and other costs, his ex-wife's lawyer says.

The judges overruled a lower court.

A message was left with Dougan's lawyer.

Copyright AP - Associated Press
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