Credit Suisse Group AG will seek to appeal a decision by the Texas appeals court in a case relating to a loan to the Lake Las Vegas resort project, the finances of which collapsed in 2008, Reuters reported Feb. 23.
The Texas Court of Appeals upheld an award totaling $351 million against the bank, which included damages and interest, in favor of U.S. investment fund Highland Capital Management LP, which refinanced the Lake Las Vegas resort in 2007.
Credit Suisse said Feb. 23 that it expects the process of its appeal to take up to 12 months.
"This is a legacy matter dating back to 2007. Given the number of favorable verdicts in Credit Suisse versus Highland Capital cases to date, we look forward to the outcome of the appeal process," it said, adding that there is no payment due to Highland Capital until the matter is ultimately resolved through the courts.