C Suisse ordered to pay $287.5m over real estate development

Gavel

Credit Suisse was ordered by a Texas judge to pay Highland Capital Management $287.5m for losses on a $540m refinancing of a shaky real estate development.

Bloomberg News reports that Highland had sought $377m in damages in one of two disputes with the bank over failed luxury developments in the American West.

Highland’s Claymore Holdings accused Credit Suisse of providing an inflated appraisal for a loan for Lake Las Vegas, a 3,592-acre residential and resort community in Henderson, Nevada. The resort, 17 miles (27 kilometers) east of the Las Vegas Strip, went bankrupt in 2008.

To access the complete Bloomberg News article hit the link below:

Credit Suisse Ordered to Pay Highland Capital $287.5 Million

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