After taking on Credit Suisse in back-to-back trials that netted his client a $211 million damage judgment in a fraud and breach-of-contract case three years ago, Austin attorney Bill Reid didn't want to hand over the defense of his biggest verdict ever to just any appellate lawyer. So he argued the case himself.

That move paid off on Feb. 20 when Dallas' Fifth Court of Appeals affirmed his client's win against the Swiss investment bank in Credit Suisse v. Claymore Holdings.

Reid, a partner in Reid Collins & Tsai, notes that while many lawyers and clients prefer to hand their cases off to an appellate specialist after trial, that wasn't happening in this case.

“I wasn't going to let another appellate lawyer lose the most important accomplishment I've ever had in a court during my legal career,” Reid said. “I was going to win or lose this one myself.”

Reid's client, Dallas-based hedge fund Claymore Holdings, sued Credit Suisse in a state district court in 2015 alleging the bank had overinflated the value of a Nevada resort as part of a 2007 loan financing transaction causing Claymore to lose a $250 million investment.

When the borrowers defaulted on the loan, Reid argued his clients were left “holding the bag” on the resort, which was worth far less than the bank had represented months earlier.

After a three-week trial, Reid and his law partner Lisa Tsai convinced a jury that Credit Suisse defrauded their client as part of a loan refinancing transaction that resulted in a $40 million verdict.

Later in a separate trial before the court, Reid and Tsai also won a breach-of-contract claim against the bank, which resulted in a final judgment of $211 million in damages, plus prejudgment interest of $75 million.

Credit Suisse appealed the judgment to the Fifth Court. But the appellate court rejected all of the bank's appellate points on appeal, including that Claymore's fraud claim was barred due to contract disclaimers among other things.

“We conclude that the credit agreement disclaimers do not preclude Claymore's breach of contract claims,” wrote Justice Elizabeth Lang-Miers in a decision that affirmed the trial court's $211 million award, including $75 million in interest.

However, the appellate ruling wasn't a complete victory for Reid as the Fifth Court rejected two of his client's appellate issues, including a request for a $7 million unjust-enrichment award and an argument that the prejudgment award should be higher.

“Any day you win a $270 million appeal and you lose a few issues, it's a good day,'' Reid said.
Josh Rosenkranz, a New York partner in Orrick, Herrington & Sutcliffe who represents Credit Suisse and heads the firm's Supreme Court and appellate litigation practice, did not return a call for comment.

Reid got help briefing the case from Dallas appellate attorney Jeff Levinger and other members of his firm. And he prepared for arguing the case by sequestering himself inside his Austin house for nearly a month, going over his appellate points relentlessly.

“About two or three weeks before argument, I didn't go outside,” Reid said. “My family went on spring break without me.”

Reid believes a big reason he won the case is because he knew the trial record in a way that Credit Suisse's appellate lawyer couldn't.

“This case was extremely complicated,” Reid said. “And one of the advantages I had over the competition is I'd already tried this case twice—to a judge and to a jury.''