IKB Goes After Credit Suisse In $215M MBS Suit

Law360, New York (November 10, 2011, 5:39 PM EST) -- IKB Deutsche Industriebank AG sued Credit Suisse Securities LLC in New York state court Thursday in an effort to rescind its purchase of more than $215.4 million worth of residential mortgage-backed securities.

IKB accused Credit Suisse of making misrepresentations in conjunction with the sale of the notes. The plaintiff, which collapsed and was bailed out during the subprime mortgage meltdown, is also threatening to sue Goldman Sachs Group Inc. over MBS sales, according to a Goldman filing with the U.S. Securities and Exchange Commission.

The current...
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