Eye On Boise

A tale of big money gone bad...

Here's a link to my full story on the class-action lawsuit against Credit Suisse over an alleged "predatory" lending scheme involving four failed luxury resorts, including Tamarack Resort in Idaho, the Yellowstone Club in Montana, Lake Las Vegas in Nevada and Ginn Sur Mer on Grand Bahama Island in the Bahamas. Duncan King, a spokesman for Credit Suisse in New York, told Eye on Boise this morning, "We believe the suit to be without merit, and will defend ourselves vigorously." He had no further comment.

Tamarack, near Donnelly, Idaho, was touted as the first new four-season resort developed in the U.S. in decades, with extensive skiing, golf, hiking and mountain biking trails, hotels and high-end real estate. But its financial failure left unfinished buildings, unpaid contractors and unhappy owners holding pricey slopeside homes. This year, Tamarack's ski lifts never opened for the season.

Credit Suisse, which the lawsuit accuses of racketeering, conspiracy, fraud and more, is the second-largest bank in Switzerland.




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