Credit Suisse Unit Ordered To Pay $604M In Toxic RMBS Case

Law360 (January 26, 2021, 3:58 PM EST) -- A New York state court judge on Monday ordered a Credit Suisse subsidiary to pay $604 million to a bond insurer that claims it had to pay out $386 million in claims during the 2008 financial crisis after the Swiss bank lied to get it to insure risky mortgage-backed securities that ultimately imploded.

DLJ Mortgage Capital Inc., a Credit Suisse Group unit based in New York, must pay bond insurer MBIA Insurance Corp. the $604 million plus interest following more than a decade of litigation over claims of breach of contract.

MBIA claimed the Swiss bank committed breach of contract by...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!