Litigator of the Week: Austin Lawyers Score $40 Million Fraud Win
After a two-and-a-half-week trial, Austin attorneys Bill Reid and Lisa Tsai recently convinced a Dallas County jury that Credit Suisse defrauded their hedge fund client by overinflating the value of a Nevada resort as part of a 2007 loan refinancing transaction—a verdict that netted their client $40 million in damages.
January 04, 2015 at 10:36 PM
2 minute read
After a two-and-a-half-week trial, Austin attorneys Bill Reid and Lisa Tsai recently convinced a Dallas County jury that Credit Suisse defrauded their hedge fund client by overinflating the value of a Nevada resort as part of a 2007 loan refinancing transaction—a verdict that netted their client $40 million in damages.
In 2013, their client, Claymore Holdings—which is affiliated with Dallas-based Highland Capital—sued the investment bank in Dallas' 134th District Court, alleging that they overinflated the value of the resort as part of the hedge fund's investment in a $540 million loan refinance.
When the borrowers defaulted on the loan, their clients were left “holding the bag” on the resort, which was worth far less than the bank had represented months earlier, according to the petition in Claymore Holdings v. Credit Suisse.
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