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Credit Suisse Hit With $277 Mil Judgement In Lake Las Vegas Deal

Last Friday, September 4th, was a very good day for James Dondero and his investors at Highland Capital Management, as a federal judge ruled that Credit Suisse Group AG (ADR) (NYSE:CS) owes a unit of Highland Capital Management $287.5 million regarding a failed real-estate loan at the Lake Las Vegas luxury residential development.

U.S. District Judge Dale B. Tillery ruled that Credit Suisse must pay $211.9 million in damages and restitution as well as $75.6 million in prejudgment damages plus interest (total of $287.5 million) for breaching a contract on a loan connected to the planned Lake Las Vegas community, which went bankrupt almost eight years ago.

More on Credit Suisse and Highland Capital lawsuits

This case was the biggest, but Highland Capital has additional claims totaling $377 million in damages pending against...