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Credit Suisse Faces $24 Billion Lawsuit

Struggling property owners at four bankrupt resorts in Idaho, Montana, Nevada, and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse. The suit alleges that the bank made predatory loan to the resorts’ investors as part of a scheme to take over the properties. The lawsuit was filed on behalf of each resort in U.S. District Court, in which a class action lawsuit is being sought. In the case, plaintiffs allege that Credit Suisse set up one of their location in the Cayman Islands in order to circumvent all U.S. Federal Banking Regulations. Accusations against the Defendant claim they “appraised the resorts at artificially inflated values as part of a plan to foreclose.”

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