Credit Suisse says lawsuit withoutmerit

| 31/03/2010

(Associated Press): 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 Western US and 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 Monday, attorneys for Credit Suisse said the legal action was based on absurd claims by people who never borrowed money from the bank. 

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Category: Business

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