Judge Grants Class Cert. In $2.4B Credit Suisse MBS Suit

Law360, Wilmington (August 18, 2011, 2:42 PM EDT) -- A New York federal judge on Tuesday certified a class of institutional investors that say several Credit Suisse AG affiliates deceived them in offering documents for $2.4 billion of mortgage-backed securities assembled from dubious loans.

Casting aside Credit Suisse’s arguments against certification, U.S. District Judge Paul A. Crotty certified a class of an estimated 330 individual entities that purchased pass through certificates from Aug. 28, 2006, to April 27, 2007.

According to the order, Credit Suisse had argued that because many of the class members are...
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