Jul
28
Credit Suisse Defeats Lawsuit Over Loans to High-End Resorts
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Property owners said banks relied on inflated appraisals
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Judge rules bank can’t be blamed for defaults on loans
Credit Suisse Group AG won a lawsuit by property owners in four upscale resorts in the western U.S. who alleged that the investment bank funded loans based on inflated appraisals of the developments that caused their financial ruin.
A federal judge in Boise, Idaho, agreed with Credit Suisse and the appraiser, Cushman & Wakefield Inc., that the property owners had failed to produce evidence that the loans or the appraisals from 2004 to 2006 caused the resorts to fail and that there was no need for the case to proceed to trial…
Credit Suisse Defeats Lawsuit Over Loans to High-End Resorts
