Highland Capital suing Credit Suisse over $250M real estate loss
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- Lance Murray
- Digital Content Producer- Dallas Business Journal
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Dallas-based Highland Capital Management LP is suing Credit Suisse AG, alleging the Zurich-based bank steered it into a refinancing of a real estate deal that cost it more than $250 million when the borrowers defaulted, Bloomberg reported.
The trial is scheduled to begin Tuesday in a state court in Dallas, Bloomberg said.
According to the report, Highland's Claymore Holding LLC invested in Lake Las Vegas, a 3,592-acre residential and resort community in Henderson, Nevada, that filed for bankruptcy in 2008.
Highland alleges that Credit Suisse used a "grossly inflated appraisal" to boost its own fees, Bloomberg said.
"Credit Suisse and its bankers were motivated by pure greed," according to lawyers for Claymore Holding in a court filing, Bloomberg said.
Credit Suisse has denied doing anything wrong, and its lawyers said that Highland is looking for a scapegoat for an investment that went sour, Bloomberg said.
Lance Murray edits and writes for the DBJ's website and can be reached at 214-706-7106. Subscribe to our email newsletters.
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