Allstate Targets Credit Suisse In Latest MBS Suit

Law360, New York (February 28, 2011, 8:50 PM EST) -- Allstate Insurance Co. on Monday sued Credit Suisse Securities LLC in New York for allegedly misrepresenting the risks of $232 million in mortgage-backed securities, the latest in a string of MBS-related actions.

Allstate is seeking an order forcing Credit Suisse to cover its losses, according to a complaint filed in the Supreme Court of the State of New York, County of New York.

Credit Suisse misrepresented the quality of the loans backing the MBS, Allstate argues, and the securities, which had been rated on par with...
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