NY AG Targets Credit Suisse In Latest Mortgage Suit

Law360, New York (November 20, 2012, 4:45 PM EST) -- New York Attorney General Eric Schneiderman on Tuesday sued Credit Suisse Securities USA LLC and several other U.S. units of the Swiss bank, saying they misstated the quality of loans packaged into residential mortgage-backed securities, resulting in around $11.2 billion in investor losses.

The suit, filed in New York State Supreme Court under the authority of the state's Martin Act, alleges Credit Suisse “deceived investors” about the quality of mortgages included in the securities and the care with which the bank evaluated them, both before and...
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