BOISE — Two principals at failed western resorts are trying to recoup money they lost when their developments imploded by joining a lawsuit against Credit Suisse Group, the Associated Press reported.
Alfredo Miguel of Tamarack Resort in Idaho and Tim Blixseth of Montana’s Yellowstone Club asked a federal judge for permission to join plaintiffs in a 2010 lawsuit contending the Zurich-based bank used a predatory lending scheme to defraud them.
Miguel and Blixseth contend “shoddy, deceitful, misleading and fraudulent appraisals” led to bloated loans that were doomed to fail, costing innocent borrowers and others dearly.
Meanwhile, they say Credit Suisse protected itself by syndicating the loans.
Miguel also alleges Credit Suisse and a loan syndicate member tried to shake him down for $1.2 million in exchange for releasing him from a personal guarantee for the loan.