Credit Suisse Blasts Proposed Ciena Settlements

Law360, New York (May 24, 2010, 1:54 PM EDT) -- Credit Suisse Securities (USA) LLC is objecting to bankrupt Ciena Capital LLC's move to settle False Claims Act litigation and disputes with the U.S. Small Business Administration, arguing that the proposed deals could lead to woefully inequitable consequences.

The proposed settlements provide for broad and unfettered third-party releases to the detriment of all creditors, Credit Suisse said in an objection Friday in U.S. Bankruptcy Court for the Southern District of New York.

Ciena, formerly known as Business Loan Express LLC, specializes in providing commercial real estate...
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