Two resort developers - Tim Blixseth and Alfredo Miguel - have launched a lawsuit against Credit Suisse relating to allegations of fraud, negligence and breach of fiduciary duty.

Blixseth is the founder of the Yellowstone Club in Montana, US, while Miguel is behind the Tamarack Resort in Idaho, US. The action also accuses Cushman and Wakefield. The action - filed in federal court in Idaho - is part of an ongoing multi-billion dollar class action lawsuit against Credit Suisse and related firms, initially filed in January 2010

Judge Ronald E Bush ruled in January this year that plaintiffs who lost money at luxury US resorts such as Tamarack and the Yellowstone Club could move forward with their lawsuit. In the complaint, it is alleged that: "Proposed intervenors [Blixseth and Miguel] were defrauded by defendants in much the same way that the existing plaintiffs were defrauded."

""Credit Suisse through its loans to the Yellowstone Club and Tamarack, and Cushman and Wakefield through its inflated appraisals of the resorts, created a parade of horribles for proposed intervenors and the existing plaintiffs."