Highland Seeks $250 Million From Credit Suisse in Trial
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Credit Suisse AG used an inflated appraisal to steer Highland Capital Management LP into the refinancing of a shaky real-estate development, a lawyer for the Dallas-based debt manager said at a trial seeking more than $250 million lost when the borrowers defaulted.
Highland’s Claymore Holdings LLC is trying to recoup what it lost from investing in Lake Las Vegas, a 3,592-acre residential and resort community that filed for bankruptcy in 2008, by asking a Texas jury to find the Zurich-based bank engaged in fraud to boost its own fees.