Credit Suisse Faces $24B Suit Over Resort Losses

Law360, New York (January 4, 2010, 1:23 PM EST) -- Credit Suisse AG has been hit with a $24 billion lawsuit from property owners claiming that the investment banking giant swindled investors in four luxury resort communities, including the Yellowstone Club in Montana, which filed for Chapter 11 in November 2008.

The complaint, filed Sunday in the U.S. District Court for the District of Idaho, alleged that units of the Swiss investment bank in the U.S. and the Cayman Islands, as well as real estate firm Cushman & Wakefield Inc., concocted a so-called loan-to-own scheme that...
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