Credit Suisse Hit with $24B Class Action Suit

M. S.
January 2010
Bank Loan Report;1/11/2010, Vol. 25 Issue 2, p1
Trade Publication
The article reports on the 24 billion dollars class action lawsuit filed against the financial services group Credit Suisse Group AG on January 3, 2010 at the U.S. District Court for the District of Idaho. It notes that investors in four luxury resorts filed the lawsuit, which accuses the firm of running a loan program that violated the U.S. law. It adds that the firm is operating the program via a Cayman Islands-based company using an appraisal system to overvalue its lending properties.


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