Quantcast
Home / News / Law & Government / Credit Suisse says lending lawsuit without merit

Credit Suisse says lending lawsuit without merit

Tamarack Resort

Tamarack Resort

Defense attorneys want a federal judge to throw out a $24 billion predatory lending lawsuit filed against Credit Suisse Group by investors in broke resorts in the West, including Idaho’s Tamarack, and in the Bahamas.

The investors contend Credit Suisse set up a branch in the Cayman Islands to skirt U.S. rules and appraised the resorts at inflated prices as part of a scheme to later foreclose on the properties.

In court documents filed March 29, attorneys for Credit Suisse said the legal action was based on absurd claims by people who never borrowed money from the bank.
“This court is not required to suspend its common sense in considering and evaluating plaintiffs’ absurd claims,” the attorneys said in the motion.

The original lawsuit was filed in January by investors in Donnelly, Idaho’s Tamarack Resort, the Yellowstone Club in Montana, Nevada’s Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas.
Credit Suisse said the investors were looking for a billion-dollar payday.

“It is noteworthy that plaintiffs fail to cite a single specific misrepresentation made by Credit Suisse to any of them in their rambling, repetitive, and internally inconsistent 115-page complaint,” the attorneys said.
In the complaint, investors detailed what they called a loan-to-own scheme, contending that Credit Suisse planned to make money on both ends of the resort-lending deals – first by collecting millions of dollars in loan fees and later by foreclosing and flipping the resorts.

To back the claims, the investors cited a statement made last May by U.S. Bankruptcy Judge Ralph Kirscher, who handled the Yellowstone Club case.

In an order filed in the case, Kirscher said Credit Suisse was driven by “naked greed” and the desire to get more loan fees, and used overreaching and predatory lending practices with disregard for the developer and others invested in the resort.

Credit Suisse pointed out that Kirscher later vacated that order.



About The Associated Press

43 comments

  1. to check to close to Solar power in new jersey sales tax rate

  2. raised his hand Now the cold has given the ship Vibram Five Fingers Classic, the wind should not miss out some sincerity fivefingers smile that is natural . In the eyes of all surprised and bewildered , she removed from the head That vibram five fingers woman hairpin , the hairpin head slowly unscrew from the inside out with a thin layer of silk Vibram Five Fingers Kso Trek, the silk elements that expand the slender hand . dim light, the silk water moon , faintly golden inclusions revealed Blue mountains with quiet pattern to , fivefingers it aloft , light laughs this thing, in the wind at home two decades , no one recognized it , as we think it is a treasure map to donate grateful . all the people Look at the material and pattern silk emitted light, suck down air-conditioning , someone suddenly shouted, How do we know is not really figure take over the authenticity of our experience had to say . Then all the people there ‘ll be tempted . If the land Vibram Five Fingers Speed, I’m afraid some people flying from the back . five fingers vibram sale surprise, stared a

  3. ly started. looking delicacies on the table , I can not help gearing up Come on Five Fingers KSO Womens, do not hesitate to eat. When he finished, I picked up the chopsticks and began to suck up the smell is not the same Five Fingers Classic Womens, than this On the way we eat all the food restaurants to be good, happy people really looked at shoes five fingers very satisfied expression , vibrams five fingers kso laughs Five Fingers Sprint Womens, does the Lord love to restaurant food phoenix
    You call me shoes five fingers, not one of a statue of the Lord , I’m listening uncomfortable. By the way, are you
    See shoes five fingers ask yourself , vibrams five fingers kso faint smile and replied , I This is a secret , I can not say he can not say his real name , can not be said of his other identity, because in addition to shoes five fingers of In addition, the remaining few people probably know the character Liu Shi Yan He said after coming out of a few people may be affected by this exclusion can not say , forget it . did not think the name should be kept confidential , well, perhaps people comparative modesty I can not pressing home shoes five fingers, do you like phoenix restaurant meals see the atmosphere suddenly some cold field , vibrams five fingers kso asked him the question again , I come to think of themselves not answer pe

  4. Thanks for your good topic!

  5. Christian Louboutin Glitter Patent Black Slingback are so elegant that you can wear them to the important parties.The high quality one will shape your body perfectly
    and let you feel comfortable to wear.Christian Louboutin Shoes online with free shipping and huge discount online now.Don’t miss it

  6. Juicy Couture Daydreamer Tassel Scarlet/Chocolate Handbags look so shiny which can catch lots of people’s eyes.
    Cute bag with excellent design follows fashion trend. Juicy Couture Outlet discount now.Save more money here.

  7. pylesoh VOIP NJ, ygcqiejv.

  8. Your article looks great!Thanks for you sharing.

  9. I read with great interest.Thanks!

  10. It is a nice article.I like it.

  11. vzrl gke iiju retractable deck awnings

  12. I really like this website , and hope you will write more ,thanks a lot for your information.

  13. ttaches to the gear or override motor to operate the awning, sold as each, available in 3 sizes, 4’7″, 5’11” or 7’3″ long. Price shown is for one unit

  14. ed a loan-to-own scheme, … millions of dollars in loan fees and later by foreclosing and flipping

  15. If you want to buy a house, you will have to get the loan. Moreover, my sister all the time takes a college loan, which is really useful.