The four resorts are among many canada goose high end

27 Aug The four resorts are among many canada goose high end

Credit Suisse sued over resorts

NEW YORK (Reuters) Credit Suisse Group AG has been sued by property owners in four luxury ski and golf buy canada goose jacket resorts, saying the Swiss bank concocted a loan scheme to defraud them and ultimately take over the canada goose clearance properties.

Credit Suisse signs are placed beside Canada Goose sale the entrance of an office building in Zurich October 22, Canada Goose Coats On Sale 2009. REUTERS/Arnd Wiegmann

The lawsuit filed on Sunday in federal court in Boise, Idaho, seeks $24 billion of damages against Credit Suisse and Canada Goose Online commercial real estate firm Cushman Wakefield Inc, and class action status for more than 3,000 investors who Canada Goose online bought land or homes.

The alleged losses relate to Yellowstone Club, a Montana ski resort whose members have included Microsoft Corp Chairman Bill Gates, as well as to Lake Las Vegas resort in southern Nevada, the Tamarack resort in central Idaho and Ginn sur Mer on Grand Bahama Island in the Bahamas.

Lake Las Vegas and Tamarack have also been the subject of bankruptcy proceedings, court records show. The four resorts are among many canada goose high end properties that have struggled buy canada goose jacket cheap with falling real estate canada goose uk shop values and the credit crisis.

Credit Suisse spokesman Duncan King and Cushman Wakefield spokesman Dwayne Doherty each canada goose store said the lawsuit lacks merit, and that their companies will defend themselves vigorously.

Robert uk canada goose Huntley, an Idaho lawyer representing the plaintiffs, did not Canada Goose Outlet return canada goose clearance sale calls seeking a comment.

According to the complaint, Credit Suisse canadian goose jacket violated federal racketeering laws by concocting a canada goose uk black friday to own scheme that inflated the value of resorts and burdened canada goose coats the resorts and purchasers canada goose factory sale of homes there with too much debt.

Using appraisal methods provided by Cushman Wakefield, this scheme allowed Credit Suisse to win fees canada goose black friday sale and ultimately foreclose on or take control of the resorts cheap canada goose uk at well below market value, the complaint said.

scheme has been a financial heist for Credit Suisse with no canada goose uk outlet risk, the complaint said.

The complaint seeks $8 billion of actual damages, including alleged losses of property, business interests and reputation, plus $16 billion of punitive damages.

Beau Blixseth, one of the plaintiffs, is suing for losses on his property at Yellowstone, Canada Goose Parka which was developed by his father Tim, a timber baron and former billionaire. Yellowstone borrowed $375 million from Credit Suisse in 2005.

Last May, a federal judge overseeing uk canada goose outlet Yellowstone bankruptcy faulted Credit Canada Goose Jackets Suisse in an interim order for lending practices that he cheap Canada Goose said caused ruin for several resorts.

Yellowstone filed for bankruptcy in November 2008, goose black friday three months after Edra Blixseth, who had canada goose coats on sale been married to Tim Blixseth, gained control of the resort in divorce proceedings.