Credit Suisse Pares $590M MBS Suit From Credit Union Board

Law360, New York (April 10, 2013, 12:32 AM EDT) -- A Kansas federal judge on Monday trimmed the National Credit Union Administration Board’s lawsuit accusing Credit Suisse AG of misrepresenting the risks of more than $590 million in residential mortgage-backed securities it sold to credit unions, stripping as untimely state and federal claims from the watchdog's suit.

U.S. District Judge John Lungstrum rejected federal claims related to 12 RMBS certificates purchased by U.S. Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Federal Credit Union, but preserved federal claims related to eight others, finding...
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