RCT FILES SUPREME COURT BRIEF TO DEFEND $380 MILLION JUDGMENT AGAINST CREDIT SUISSE
On May 3, 2019, RCT filed a response brief in the Texas Supreme Court on behalf of Claymore Holdings to defend its $380 million fraud and breach of contract judgment against Credit Suisse. To this point, Credit Suisse has lost this dispute three times—before a jury that found Credit Suisse fraudulently induced Claymore, before a trial court that found Credit Suisse materially breached its contractual obligations, and before the Texas Court of Appeals that affirmed the judgment in its entirety. Credit Suisse’s petition represents a last-ditch effort to avoid paying Claymore and its defrauded investors who have been waiting for redress for nearly 12 years. But as Claymore argues in its response, the unanimous decision by the Texas Court of Appeals, which applied longstanding New York substantive law, and enforced the plain and unambiguous terms of the underlying agreement, does not warrant review by the Texas Supreme Court.
Prior results do not guarantee a similar outcome.