CS fined millions in the USA
Credit Suisse has been ordered to pay 287.5 million US dollars in the USA. The lawsuit was filed by hedge fund Highland Capital, which had refinanced a luxury residential complex near Las Vegas for 540 million dollars in 2007.
The "Lake Las Vegas" facility went bankrupt just one year later. According to the hedge fund, Credit Suisse had overvalued the investment. The fund had demanded damages in the amount of 377 million dollars.
The big bank, on the other hand, argued that the US real estate crisis was responsible for the resulting loss. The court in Dallas has now ruled in favor of the plaintiff. However, Credit Suisse has already announced that it will examine all options to oppose the decision. (ah)
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