credit suisse group-spon adr (CS) Key Developments
Highland Capital Management's Claymore Holdings Wins $40 Million Verdict Against Credit Suisse
Dec 19 14
Highland Capital Management L.P. announced that a Highland-managed entity, Claymore Holdings LLC, won a $40 million verdict against Credit Suisse after a Texas State Court jury found the Swiss firm concealed key information in order to fraudulently induce Highland to participate in a 2007 refinancing of the Lake Las Vegas development, including primarily concealing relevant facts and conspiring with appraisers to inflate valuation. The 12-member jury found Credit Suisse liable for fraud after a three-week trial in Dallas. Claymore Holdings accused Credit Suisse of fraudulently manipulating the property's appraisal, artificially inflating the value of the Lake Las Vegas Development. According to the 2013 lawsuit, Claymore Holdings believes the appraisal methodology was concocted by David Miller, Credit Suisse's Co-Head of Global Credit, and promoted by Dana Klein, Managing Director at Credit Suisse, after prior appraisals failed to place sufficient value on the Lake Las Vegas collateral to warrant the $540 million refinancing. During trial, the evidence showed that Credit Suisse increased the value of the collateral by more than $230 million over a single weekend. Credit Suisse, as agent lender for the refinancing, never disclosed the change in the value to the lender group, Claymore Holdings said in the lawsuit. Despite telling investors that Credit Suisse also was putting its own money into the investment, Credit Suisse began taking steps to exit its own position on the very day the loan refinancing closed.
Opportunity International Partners with Credit Suisse
Dec 11 14
Opportunity International, has announced that it has collaborated with Credit Suisse. The association between the two companies is expected to support a new education initiative intended to improve the quality, availability and affordability of education in Latin America, Africa and Asia.
RBS Reportedly Launches Sale Of Coutts, Invites Bids Before Christmas
Dec 8 14
The Royal Bank of Scotland Group plc (LSE:RBS) has reportedly launched the sale of Coutts & Co Ltd which could fetch about $1 billion and has invited at least 10 potential suitors, including Credit Suisse Group AG (SWX:CSGN), Julius Baer Group Ltd. (SWX:BAER) and Malayan Banking Berhad (KLSE:MAYBANK) to participate in an auction, sources said. RBS and its adviser Goldman Sachs have sent out sale documents containing financial and other details of the business to companies including Bank of Montreal (TSX:BMO), Societe Generale Group (ENXTPA:GLE), HSBC Holdings plc (LSE:HSBA), United Overseas Bank Limited (SGX:U11), BNP Paribas SA (ENXTPA:BNP), DBS Group Holdings Ltd (SGX:D05), Societe Generale Ghana Limited (GHSE:SOGEGH) and Bank J. Safra Sarasin Ltd, among others, the people who had knowledge of the matter told Reuters. First-round bids are due before Christmas, they added. Sources declined to be identified as the sale process is confidential.
Credit Suisse Group AG to Open New Hedge Fund in Brazil
Dec 4 14
Credit Suisse Group AG is planning to open a new hedge fund in Brazil. The fund, called Gauss, is expected next year and is intended to offer new investment alternatives for clients.
Credit Suisse Group AG Presents at XII Russian Bond Congress, Dec-04-2014 02:15 PM
Dec 1 14
Credit Suisse Group AG Presents at XII Russian Bond Congress, Dec-04-2014 02:15 PM. Venue: Holiday Inn Moskovskye Vorota, Saint-Petersburg, Russia. Speakers: Wolfgang Marty, Senior Advisor.