Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse, alleging that the bank made predatory loans to the resorts’ investors as part of a scheme to take over the properties. Property owners at Idaho’s Tamarack Resort, the Yellowstone Club in Montana, Nevada’s Lake Las Vegas resort and the Gin Sur Mer Resort in the Bahamas filed the lawsuit in U.S. District Court in Boise. They are seeking class-action status. The property owners contend that Credit Suisse set up a branch in the Cayman Islands to get around and avoid U.S. federal banking regulations. It’s alleged that the Defendants appraised the resorts at artificially inflated values as part of a plan to foreclose.
Source: Associated Press
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