Credit Suisse nears $360 million deadline in fraud suit built on a hunch

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Credit Suisse nears $360 million deadline in fraud suit built on a hunch

Credit Suisse nears $360 million deadline in fraud suit built on a hunch

Reuters-

Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit Suisse faces a July 18 court deadline to pay Highland $360 million or appeal to the Texas Supreme Court.

The victories to date have enhanced the reputation of a fledgling Texas law firm, and legal experts say they are likely to encourage other investment funds to take big banks to court.

“This case shows the big banks can’t hide behind disclaimers when they know certain facts,” said Carol Gilden, a lawyer who represents pension funds and other institutional investors in financial and securities disputes.

Global banks have settled dozens of lawsuits by governments and shareholders over financial crisis misconduct, but until the Highland suit, it was unusual for an investment fund to pursue tough-to-win fraud actions – especially against a major trading partner, as Credit Suisse was for Highland.

[REUTERS]

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