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...

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