Legal News - Court hearing Thursday on Credit Suisse loans
Legal News Home page Click here to add this website to your favorites
Bar News Search >>>
Court hearing Thursday on Credit Suisse loans

•  Court News     updated  2012/01/13 10:11

Attorneys for Credit Suisse told a federal judge in Idaho that a multi-billion dollar lawsuit brought by homeowners at four resorts should be tossed out because there's not enough factual evidence to support the claims.

The lawsuit from property owners at Idaho's Tamarack Resort, the Yellowstone Club in Montana, Nevada's Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas is backed by Yellowstone Club founder Tim Blixseth. The plaintiffs allege Credit Suisse inflated the value of the resorts and issued loans so large to developers that they could never be repaid in hopes of foreclosing on the properties as part of a so-called "loan to own" scheme.

Credit Suisse contends the lawsuit is baseless and that Blixseth is just trying to escape blame for the financial problems at the ultra-exclusive Yellowstone Club.

Roughly two dozen attorneys representing the plaintiffs, Credit Suisse and real estate consultant Cushman & Wakefield gathered before U.S. District Judge Ronald Bush in Boise on Thursday to argue over several motions, including one to have the lawsuit dismissed and one to have Cushman & Wakefield reinstated as a defendant. The real estate consultancy was listed as a defendant when the case was originally filed in 2010, but last year U.S. District Judge Edward Lodge dismissed all the claims against the company.

One of Credit Suisse's attorneys, David Lender, told the court that the plaintiffs have never been able to show there was any misrepresentation made to the homeowners by the bank.

Breaking Legal News  |  Headline News  |  Law Center  |  Legal Business  |  Court News  |  Law Firm News  |  Legal Interviews |  Political and Legal
Practice Focuses  |  Legal Spotlight  |  Events & Seminars  |  Legal Marketing  |  Court Watch  |  Immigration  |  Press Releases
International  |  Politics  |  Justice Stories  |  Web Design for Law Firms  |  Celebrity Courthouse
Law Promo's specialty is law firm web site design. Awesome Law Firm Web Design Company by Law Promo
© The Legal News Journal. All rights reserved.