Credit Suisse Gets $314 Million Highland Verdict Cut by 91% (2)

Credit Suisse has to pay Highland Capital Management only $26 million of a nearly $314 million award stemming from fraud claims over a failed Las Vegas real estate deal, the Texas Supreme Court ruled Friday.

The state high court tossed $287.5 million in damages a trial judge imposed on Credit Suisse on top of the $26 million awarded by a jury that found the bank inflated the appraisal used to finance a golf development ahead of the 2008 housing crash. The court said the judge should not have allowed Highland to argue in a separate proceeding that its damages were ...