REID COLLINS WINS $121 MILLION FRAUD JUDGMENT AGAINST CREDIT SUISSE IN DECADES-LONG LEGAL BATTLE
On June 25, 2021, after over 10 years of negotiation, litigation, trial and appeals, the Reid Collins team in Claymore Holdings LLC v. Credit Suisse AG has emerged – yet again – victorious. The Texas state court in which the firm obtained a 2014 jury verdict against Credit Suisse entered a fraud judgment on remand, awarding more than $121 million to the firm’s client Claymore Holdings, an affiliate of NexPoint Advisors and Highland Capital Management Fund Advisors. The suit accuses Credit Suisse of conspiring with a CBRE appraiser to grossly overvalue a 2007 Las Vegas real estate development loan in which it fraudulently induced Claymore to invest over $250 million.
The case has had a remarkable history. After winning a $40 million jury verdict to great fanfare in the legal media (the Reid Collins trial team was profiled by The American Lawyer at the time), and after securing a judgment from the Texas state court, Reid Collins partners William T. Reid, IV, Lisa S. Tsai and Nathaniel J. Palmer argued and won multiple appeals on multiple issues in the Texas Court of Appeals and before the Texas Supreme Court. Ultimately, the Texas Supreme Court did something very rare and telling in its 2020 ruling – it affirmed a jury verdict for fraud and remanded the case to the trial court solely for it to reconsider its damages award.
Read the judgment awarding over $121 million to Claymore here.
Prior results do not guarantee a similar outcome.