RCT Wins $287.5 Million Judgment Against Credit Suisse
On September 4, 2015, following a jury trial and a bench trial, a Texas state court entered a judgment for $287.5 million in favor of RCT’s client, an affiliate of Highland Capital Management, LP, against Credit Suisse AG, Cayman Islands Branch, and Credit Suisse Securities (USA), LLC. More than two years ago, RCT, on behalf of a group of Highland-managed funds, brought claims against Credit Suisse for fraud and breach of contract in connection with a grossly inflated appraisal of the collateral supporting a $540 million loan to the developers of Lake Las Vegas. In December 2014, a Texas jury found that Credit Suisse had fraudulently induced the Highland-managed funds to invest in the loan by making affirmative misrepresentations, and following a bench trial in May and June 2015, a Texas court ruled against Credit Suisse on breach of contract, breach of duty of good faith and fair dealing, aiding and abetting fraud, and unjust enrichment.
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