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Tuesday 08th of June 2010

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January 6, 2010

Credit Suisse sued over loans set up to fail

by Gill Montia

Story link: Credit Suisse sued over loans set up to fail

Credit Suisse is being sued by investors in four exclusive resorts developments, in the US and Bahamas.

The Swiss bank is accused of “predatory” lending, that is to say knowingly providing loans that would lead to defaults and the bank taking over the properties, having already secured large fees for arranging the finance in the first place.

A lawsuit that could pave the way for a class-action by over 3,000 investors has been filed in an Idaho federal court, seeking $24 billion of damages from Credit Suisse and real estate firm, Cushman & Wakefield.

The resort developments are named as Yellowstone Club, a ski resort in Montana, Lake Las Vegas resort in southern Nevada, Tamarack resort in Idaho and the Ginn sur Mer development in the Bahamas.

 

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