Property owners at four luxury skis and golf resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse group AG, blaming the Swiss bank of granting predatory loans to the resorts' investors as per the scheme to take over the properties.

The property owners want a $600 million fund to be split among creditors, laborers and small businesses who the owners say were cheated by Credit Suisse.

The lawsuit filed by the land owners at Idaho's Tamarack Resort, the Yellowstone Club in Montana, Nevada's Lake Las Vegas resort and the Gin Sur Mer Resort in the Bahamas in Boise's U. S. District Court on Sunday, seeking class-action status.

The Credit Suisse bank was once a big player in granting financial help to upscale resorts that went into bankruptcy.

The land owners, including various home owners and other investors, alleged that Credit Suisse engaged in a strategy to virtually boost the values of the land there so that the bank can be benefitted by making large loans and charge the resort owners “tens of millions of dollars of exorbitant loan fees”. They claimed that the bank was aware of the fact that the owners were incompetent in fulfilling the loan fee, which would subsequently allow the bank to take reins to the debt-saddled resorts cheaply.

It has been revealed that the property owners have not taken up an issue in this regard against the bank.

"Numerous entities that received Credit Suisse's syndicated loan product have failed financially, including Tamarack Resort, Promontory, Lake Las Vegas, Turtle Bay and Ginn", Mr. Kirscher said in an interim order in May.

Via TopNews US and contributed by Harkamal Singh