Credit Suisse Asks For Lawsuit To Be Thrown Out
Attorneys for Credit Suisse are asking a federal judge in Idaho to toss out a multi-billion dollar lawsuit filed against it.
Homeowners at four resorts claim 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.
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.
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.
U.S. District Judge Ronald Bush in Boise took the matter under advisement Thursday and said he will issue a written ruling at a later date.