Credit Suisse To Face $642M MBS Suit As Class Action

Law360, New York (July 2, 2012, 12:25 PM EDT) -- A New York federal judge on Friday granted class certification to plaintiffs in a suit alleging Credit Suisse Securities (USA) LLC duped investors about the poor quality of loans behind a $642 million mortgage-backed securities offering in 2006.

U.S. District Judge Lewis A. Kaplan granted a December 2010 bid for class certification by lead plaintiff Vasili Tsereteli, whose company, Vaszurele Ltd., allegedly lost more than half of its $200,000 investment in the offering.

In offering documents, Credit Suisse allegedly failed to tell Tsereteli and other investors...
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