Credit Suisse Scoffs At Damages Bid In $2B MBS Case

Law360, New York (March 27, 2012, 5:53 PM EDT) -- Two Credit Suisse AG affiliates urged a New York state judge Tuesday to limit the damages Assured Guaranty Municipal Corp. can recover from a suit alleging they misrepresented the riskiness of $1.8 billion in mortgage-backed securities backed by the monoline insurer.

Assured alleges Credit Suisse units DLJ Mortgage Capital Inc. and Credit Suisse Securities (USA) LLC said that the loans underlying the securities were of higher quality than they actually were, allowing them to obtain falsely inflated credit ratings and inducing Assured into insuring them....
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