Reuters - C Suisse setback, RBS milestone overshadowed

RBS building

The Texas Court of Appeals this week upheld the award, which includes damages and interest, in favor of Texas-based Highland Capital Management that in 2007 helped refinance the Lake Las Vegas resort on an artificial Nevada lake.

Reuters reports that the decision followed a 2014 Texas jury's conclusion that Credit Suisse had fraudulently enticed investors including Dallas-based Highland to back a $540 million loan, only to have the Lake Las Vegas project quickly seek Chapter 11 bankruptcy.

The news agency also reports that Royal Bank of Scotland reported its first annual profit in a decade on Friday, but the milestone was bitter-sweet for the British bank which had wanted to resolve a multibillion-dollar misconduct case in 2017.

The bank is hopeful the case with the U.S. Department of Justice (DoJ) for mis-selling toxic mortgage backed securities can be settled in the coming months, RBS chairman Howard Davies said.

“That is our hope,” Davies said at a presentation for journalists. “We continue to do whatever we can to try to advance a settlement but we do not have any news to offer... today on that.”

Credit Suisse to fight on after setback in Lake Las Vegas resort case

Royal Bank of Scotland profit milestone overshadowed by DOJ impasse

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