Ambac's Fraud Claim Against Credit Suisse Back In Play

Law360, New York (October 13, 2011, 9:17 PM EDT) -- A New York state judge reinstated a fraudulent inducement claim in an order filed Thursday in Ambac Assurance Corp.'s suit to recover $46 million in insurance payments it made related to a mortgage-backed securities offering sponsored by Credit Suisse AG units.

Justice Shirley Werner Kornreich had dismissed the claim that Credit Suisse Securities (USA) LLC and DLJ Mortgage Capital Inc. had fraudulently induced Ambac to issue a financial guarantee insurance policy covering payment on the securities from the suit in April.

But she reinstated the claim...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.