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Ski resorts owners sue Credit Suisse for $24 bn

Ski resorts owners sue Credit Suisse for $24 bn
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First Published: Mon, Jan 04 2010. 11 02 PM IST
Updated: Mon, Jan 04 2010. 11 02 PM IST
Washington: Credit Suisse Group AG was sued by property owners at ski resorts in Montana and Idaho, who claim that the bank made loans based on inflated appraisals so it could take over the resorts when the debts couldn’t be repaid.
L.J. Gibson and Beau Blixseth are seeking $24 billion in damages on behalf of at least 3,000 investors who bought land or homes at four developments, including Tamarack Resort that received loans from Credit Suisse, according to a complaint filed in a federal court in Idaho.
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First Published: Mon, Jan 04 2010. 11 02 PM IST