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Credit Suisse nears $360 million deadline in fraud suit built on a hunch

Reuters  |  CHICAGO 

By Tracy Rucinski CHICAGO (Reuters) - When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG [CSGN.S], which arranged the financing and appraisals for the project.Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit ...

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First Published: Wed, July 11 2018. 15:02 IST