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Insurers Say Credit Suisse Lied About MBS Risks

Law360 (April 7, 2011, 7:55 PM EDT) -- Union Central Life Insurance Co. is suing Credit Suisse Securities (USA) LLC in New York for allegedly making false statements and omitting information about the quality of loans included in its mortgage-backed securities pools.

In a complaint filed Monday in the U.S. District Court for the Southern District of New York, Union Central and two of its affiliates, Ameritas Life Insurance Corp. and Acacia Life Insurance Co., said that Credit Suisse First Boston Mortgage Securities Corp. and several of its directors disregarded an outside consultant who...
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