{"id":5728,"date":"2014-12-19T00:00:00","date_gmt":"2014-12-19T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/12\/credit_suisse_ordered_to_pay_4"},"modified":"2022-05-06T12:10:41","modified_gmt":"2022-05-06T17:10:41","slug":"credit-suisse-ordered-to-pay-4","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-ordered-to-pay-4\/","title":{"rendered":"Credit Suisse Ordered to Pay $40M Verdict to Highland Capital"},"content":{"rendered":"\n

A jury is ordering Credit Suisse (CS) to pay a $40 million verdict to Highland Capital Management LP. The hedge fund firm, based in Texas, accused the bank of duping it into refinancing a real-estate development that wasn\u2019t solid. According to the ruling, issued in state court in Dallas, Credit Suisse is 65% at fault.<\/p>\n

Highland\u2019s Claymore Holdings LLC claimed that the bank knew it was employing a flawed appraisal to garner investments in Lake Las Vegas, which was a massive residential and resort community of over 3,500 acres that filed for bankruptcy six years ago. Credit Suisse said the investment did not go well not because it misled Highland but because of the recession.<\/p>\n

The hedge fund company, however, contends that the flawed appraisal used by Credit Suisse inflated the value of collateral behind $540 million in loans to refinance the community in 2007. Highland says that the motivation was the fees made by Credit Suisse to underwrite the transaction.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A jury is ordering Credit Suisse (CS) to pay a $40 million verdict to Highland Capital Management LP. The hedge fund firm, based in Texas, accused the bank of duping it into refinancing a real-estate development that wasn\u2019t solid. According to the ruling, issued in state court in Dallas, Credit Suisse is 65% at fault. 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