Contract Suit Over $1B Credit Suisse Unit Loan Pool Trimmed

Law360, Los Angeles (January 16, 2014, 9:14 PM EST) -- A New York state judge on Wednesday trimmed claims from a suit alleging a Credit Suisse AG affiliate ducked its obligation to buy back bad loans that cost investors in a trust $1 billion, ruling that the trust agreed to not seek damages for any contractual breach.

Judge Eileen Bransten partially granted Credit Suisse unit DLJ Mortgage Capital Inc.’s motion to dismiss, finding that the pooling and servicing agreement between the investors and DLJ explicitly stated that the only remedy for misrepresentations about the loans was...
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