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CREDIT SUISSE AG v. CLAYMORE HOLDINGS

No. 18-0403.

610 S.W.3d 808 (2020)

CREDIT SUISSE AG, Cayman Islands Branch and Credit Suisse Securities (USA) LLC, Petitioners, v. CLAYMORE HOLDINGS, LLC, Respondent.

Supreme Court of Texas.

OPINION DELIVERED: April 24, 2020.

Rehearing Denied October 2, 2020.

Attorney(s) appearing for the Case

Thomas R. Phillips , Evan A. Young , Baker Botts L.L.P., Austin, Claudia Wilson Frost , Orrick, Herrington & Sutcliffe LLP, Houston, Jeffrey M. Tillotson , Tillotson Law, T. Ray Guy , Weil Gotshal & Manges LLP, Dallas, Benjamin F. Aiken , Elizabeth Cruikshank , Robert M. Loeb , Orrick, Herrington & Sutcliffe LLP, Washington, DC, David Lender , Gregory Silbert , Kevin Meade , Weil Gotshal & Manges LLP, E. Joshua Rosenkranz , Kevin Arlyck , Matthew R. Shahabian , Orrick, Herrington & Sutcliffe LLP, New York, NY, for Petitioners.

William T. Reid IV , Jeremy Wells , Keith Cohan , Lisa S. Tsai , Scott D. Saldaña , Reid Collins & Tsai LLP, Jane M. N. Webre , Scott Douglass & McConnico LLP, Nathan K. Palmer , Thompson & Knight LLP, Austin, Joseph Michael Stanton , Stanton LLP, Addison, Jeffrey S. Levinger , Levinger PC, Dallas, Nathaniel J. Palmer , Reid Collins & Tsai LLP, West Lake Hills, Elizabeth Cruikshank , Orrick, Herrington & Sutcliffe LLP, H. Christopher Bartolomucci , Kirkland & Ellis LLP, Washington, DC, for Respondent.

Rory M. Ryan, pro se.

George S. Christian , Texas Civil Justice League, Austin, for Amicus Curiae Texas Civil Justice League.

Jason P. Steed , Kilpatrick Townsend & Stockton LLP, Dallas, for Amicus Curiae The Loan Syndications and Trading Association.

This case arises from the inflated appraisal of a residential real estate project near Las Vegas in 2007, shortly before the notorious housing bubble popped. Highland Capital Management1 loaned the project $250 million. Together with other lenders, Highland took the...

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