Property Owners Sue Credit Suisse
People connected to some of the last decade's splashiest (and now most troubled) golf course communities have sued Credit Suisse for $24 billion, accusing the bank of "predatory" lending practices that overburdened their projects with debt and forced them into foreclosure. Here's a Wall Street Journal report on the suit.
The class-action suit was filed by L.J. Gibson and Beau Blixseth in U.S. District Court in Idaho.
The Journal says the suit claims property owners at Ginn Sur Mer Resort in the Bahamas, the Lake Las Vegas resort in Nevada, Tamarack Resort in Idaho and the Yellowstone Club in Montana have lost "billions of dollars." Gibson owns property at Tamarack and Ginn Sur Mer. Blixseth owns land at the Yellowstone Club, founded by his parents, Tim and Edra Blixseth.
Of the properties mentioned in the suit, only Ginn Sur Mer hasn't filed for bankruptcy protection, the Journal reports.
Credit Suisse declined to comment to the Journal.