Credit Suisse Not Liable For Co.'s Failure: 3rd Circ.

By Shannon Henson

Law360, New York (December 17, 2009, 5:00 PM ET) -- A federal appeals court has affirmed a partial summary judgment for Credit Suisse AG in a case accusing the banking giant of breaching its fiduciary duty by offering financing transactions to Oakwood Homes Corp., which filed for bankruptcy in 2002.

A three-judge panel of the U.S. Court of Appeals for the Third Circuit said Wednesday that the culpability for entering into the transactions lay with Oakwood and its sophisticated board of directors.

Oakwood made and sold manufactured homes, and expanded to include mortgage financing in the...
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