RMBS Buyers Want Credit Suisse Fraud Suit In State Court

Law360, New York (November 20, 2012, 4:37 PM EST) -- Minnesota Life Insurance Co. and Securian Financial Group Inc. said Monday that their lawsuit over a Credit Suisse unit's allegedly fraudulent sale of $43 million in residential mortgage-backed securities should be returned to state court because there is no federal court jurisdiction.

The plaintiffs, which also include Securian Funds Trust and Securian Foundation, allege that Credit Suisse First Boston Mortgage Securities Corp. as well as Credit Suisse Securities USA LLC and DLJ Mortgage Capital Inc. defrauded them by issuing registration statements, prospectuses, preliminary prospectus supplements, final...
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