Credit Suisse Sued By Luxury Property Owners for... Uh...

Monday, January 04, 2010 , 1 Comments


Credit Suisse Group AG has been sued by property owners in four luxury ski and golf resorts, saying the Swiss bank concocted a loan scheme to defraud them and ultimately take over the properties.

The lawsuit filed on Sunday in federal court in Boise, Idaho, seeks $24 billion of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield Inc, and class-action status for more than 3,000 investors who bought land or homes.

The alleged losses relate to Yellowstone Club, a Montana ski resort whose members have included Microsoft Corp Chairman Bill Gates, as well as to Lake Las Vegas resort in southern Nevada, the Tamarack resort in central Idaho and Ginn sur Mer on Grand Bahama Island in the Bahamas.

I love that phrase "concocted a scheme" btw. I'm sure Credit Suisse isn't digging it too much lately but that's cool, they don't have to, they just have to concoct them.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


OldSouth said...

I wish I felt for the investors in the gated ski and golf resorts, but it could just be a sort of reverse snobbery...or could it be some of them were busily scamming the poor schlubs around them when they bought into this scam?

BTW--I think I recognize the 'used cows' sign, posted just off I-65 northbound near Glendale, Kentucky. It gave me a grin every time I passed it.