Highland Capital Seeks $250 Million In Damages From Credit Suisse22percent
In 2008, Highland Capital and Credit Suisse Group AG (ADR) (NYSE:CS) entered business together over Highland’s investment in Lake Las Vegas, a resort community real estate development. Highland received an appraisal from Credit Suisse in earlier years, which valued the 3,582 acre property at $891 million from $522 million in 2007. With the appraisal, Highland Capital used the property as collateral against a $540 million loan. However, the deal defaulted, the property was sold for pennies on the dollar, for $17 million and Highland saw massive losses. All the while, Credit Suisse collected $20 million in fees . . .
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