Credit Suisse Accused of Inflating Appraisal in Highland Suit
(Bloomberg) — Credit Suisse AG used an appraisal it knew was inflated to dupe Highland Capital Management LP into refinancing a shaky real-estate development, leading to more than $250 million in losses, a lawyer for the Dallas-based debt manager told jurors at the end of trial.
“We were tricked. We were duped. We were misled,” the Highland attorney, William Reid, said in closing arguments in state court in Dallas.
To contact the reporter on this story: Margaret Cronin Fisk in Detroit at mcfisk@bloomberg.net
To contact the editor responsible for this story: Andrew Dunn at adunn8@bloomberg.net
