Credit Suisse Reaches $11M Deal In RMBS Class Action

Law360, New York (September 26, 2013, 1:15 PM EDT) -- A Credit Suisse AG unit on Wednesday finalized an $11 million settlement in a long-running securities class action over failed residential mortgage-backed securities stuffed with home loans issued by one of the country's most notorious housing bubble-era subprime lenders.

The lead plaintiff in the case, Vasili Tsereteli, asked U.S. District Judge Lewis A. Kaplan of New York federal court to approve the settlement, which would resolve litigation stretching back to the height of the financial crisis in November 2008. Tsereteli alleges that his company, Vaszurele Ltd.,...
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