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Case Study: Claymore Holdings, LLC v. Credit Suisse AG, et al.


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Approved for CLE credit in: AK,AZ,CA,CT,MO,ND,NY,VT,WV

In this in-depth case study, attendees hear from the key players who won a $287.5 million judgment against Credit Suisse. Claymore Holdings, LLC, an affiliate of Highland Capital Management, LP, sued Credit Suisse AG and Credit Suisse (USA) Securities LLC in connection with a $540 million loan refinancing transaction to the developers of the Lake Las Vegas residential and resort property that was arranged and syndicated by Credit Suisse. Claymore alleged that Credit Suisse fraudulently induced certain Highland Capital funds to invest $250 million and breached its contractual duties as the administrative agent by approving an unreasonable and grossly inflated appraisal of the Lake Las Vegas development. Following a three-week jury trial on the fraudulent inducement claim, and another three-week bench trial on the breach of contract and remaining tort claims, the court entered a judgment against Credit Suisse for $287.5 million in September 2015—one of the largest judgments in the country last year.

Our panelists will discuss the underlying facts and law in the case, their experience in taking on a global investment bank, and important strategy calls that led to their success.

This program was recorded on September 29th, 2016 as part of the 10th Annual Hedge Fund General Counsel and Compliance Officer Summit.

Provided By: ALM Events

2:30 PM - 3:30 PM
  • The Dispute
  • The Jury Trial
  • The Bench Trial Top 10 Lessons from Trial Team
Runtime: 1 hour
Recorded: September 29, 2016

CLE Credit Information

Click on the state abbreviation to find the CLE Credit Information for your state.

This program is has been approved for credit in AK,AZ,CA,CT,MO,ND,NY,VT,WV

Experienced attorneys only (non-transitional)

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Panelist Biographies

Lisa S. Tsai

Reid Collins & Tsai LLP

Lisa S. Tsai is a founding partner at Reid Collins & Tsai LLP, a trial firm with offices in Austin, Dallas, New York, and Washington, D.C. Lisa has represented clients in a wide variety of complex commercial matters, including insolvency litigation, financial fraud cases, breach of fiduciary duty lawsuits, professional negligence actions, and intellectual property disputes.

In 2014, Lisa obtained a Top 50 Verdict in the United States. In 2015, following a lengthy jury trial and bench trial, Lisa and her team won a $287.5 million judgment against Credit Suisse for breaching its contractual duties and fraudulently inducing a group of funds into investing $250 million in a $540 million loan to the developers of the Lake Las Vegas Resort. This year, Lisa was named to the list of 2016 LawDragon 500 Leading Lawyers in America, which recognizes the most elite lawyers in the profession. Lisa has been named a “Super Lawyer” by Texas Monthly for the last three years.

Lisa received her A.B. in Politics, with highest honors, from Princeton University. Lisa received her J.D., with honors, from The University of Texas School of Law, where she served on the Texas Law Review and was selected to the Order of the Coif. Following law school, Lisa served as a judicial law clerk in the United States District Court for the Southern District of Texas and a litigation associate at Latham & Watkins LLP in Los Angeles, California.

William T. Reid, IV

Reid Collins & Tsai LLP

Bill Reid is a founding partner of Reid Collins & Tsai LLP. A true trial lawyer, Bill has tried a wide range of cases to verdict before judges and juries such as a recent three-week bench trial against Credit Suisse alleging that the investment bank fraudulently syndicated a real estate development loan in which the trial court awarded a judgment of $287.5 million.

For three years as an Assistant United States Attorney during the 1990’s, Bill focused on complex drug and corruption prosecutions, trying 25 cases to verdict (and getting 24 convictions) and prosecuting hundreds of cases annually. Since returning to private practice in 2000, Bill has put his government experience to good use in the courtroom, rarely going a year without taking at least one commercial case to trial. Bill has never lost a jury trial since returning to private practice in 2000.

Since 2009, Bill has obtained 3 national top-100 trial judgments/verdicts for his plaintiff clients. He is currently managing a docket of plaintiff’s litigation in excess of $1 billion. In 2016, Bill was selected for inclusion in both the Lawdragon 500 and Best Lawyers of America. Bill has been recognized as a Texas Super Lawyer for over a decade.

Scott B. Ellington

General Counsel & Chief Legal Officer
Highland Capital Management, LP

Scott B. Ellington serves as Partner, Chief Legal Officer and General Counsel at Highland Capital Management, L.P. With over 15 years’ experience in both the public and private sector, Mr. Ellington is responsible for the global oversight of firm-wide legal matters. His expertise spans a diverse range of practice areas including: fund formation, deal execution, mergers and acquisitions, corporate governance, regulatory and compliance matters, tax issues regarding transactions and the structure of multinational joint ventures and partnerships, as well as highly specialized areas of complex securities law. Mr. Ellington manages the firm’s legal and compliance department consisting of 15 professionals. He is also responsible for all outside counsel relations. In addition, Mr. Ellington serves as the General Counsel and Secretary for NexPoint Residential Trust, Inc. (NYSE: NXRT).

Prior to joining Highland, Mr. Ellington served as in-house counsel for Countrywide Financial Corporation where he supervised teams taking loans through the bankruptcy and foreclosure process. He also held a corporate counsel position with Wells Fargo Bank, N.A. in their commercial real estate lending group. A Georgian by birth but Texan by choice, Mr. Ellington is an avid conservationist whose personal interests include hunting, fishing and spending time with his family. He is passionate about giving back to the community and enjoys charity work with organizations such as the Sportsmen's Club of Fort Worth, which introduces children to outdoor pursuits. He supports the Cystic Fibrosis Foundation, Alzheimer’s Association, Operation Kindness, Lone Star Wind Orchestra, and the Fort Worth Stock Show Syndicate. He serves on the boards of the Sportsmen’s Club of Fort Worth, American Heart Association, and Dallas Zoological Society. His professional affiliations include the Dallas Bar Association and INSOL International, the International Association of Restructuring, Insolvency & Bankruptcy Professionals.

A graduate of the University of Texas at Dallas, Mr. Ellington holds a J.D. from Pepperdine University School of Law.

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Case Study: Claymore Holdings, LLC v. Credit Suisse AG, et al.


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