In a case that dates back more than a decade, the Swiss bank is appealing a decision by a Texas court regarding loans and real estate developments in parts of the country.

Credit Suisse intends to appeal a decision by a Texas court concerning a $287 million judgement made against the bank and affiliates connected to a loans and real estate developments in parts of the US.

“Credit Suisse AG will seek to appeal the Texas Court of Appeals decision in the Credit Suisse vs Highland Capital, NexPoint Funds case,” the Zurich-listed bank said. “Credit Suisse respectfully disagrees with the decision of the Texas Court of Appeals, does not believe the decision is supported by applicable law, and accordingly intends to seek appeal,” it said in a statement today.

The matter dates back to 2007, the bank said, arguing that it has won favorable verdicts in other cases related to the same matter. “We look forward to the outcome of the appeal process which will take nine to twelve months,” it said. 

According to a description of the background in Credit Suisse’s annual report for 2016 (page 378-379) Credit Suisse and others face a lawsuit about certain loans and other real estate developments, including two cases brought in Texas and New York state courts against bank affiliates related to Highland Capital Management LP. In a related case, plaintiffs are appealing a court's dismissal of claims for punitive damages against the bank in a case centered on real estate developments that went sour.

A Texas court entered judgment for the amount of $287 million (including prejudgment interest) for the plaintiff on September 4, 2015. Both parties filed notices of appeal from that judgment and briefing was completed on March 10, 2017.