Credit Suisse Knew Of Flaws In $466M RMBS, Prudential Says

Law360, New York (November 30, 2012, 7:06 PM EST) -- Prudential Insurance Co. of America has hit Credit Suisse AG with a complaint in New Jersey federal court accusing the banking giant of fraudulently securitizing thousands of defective home loans backing $466 million in mortgage-backed securities in violation of their offering agreements.

The insurance giant said it was among the many investors in Credit Suisse's RMBS offering, which was backed by roughly 18,400 mortgage loans securitized by the U.S. branch of the Swiss bank. According to Prudential, Credit Suisse knew that a large portion of the...
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