Credit Agricole Unit Dodges $180M Suit Over Bum CDO

Law360, New York (September 11, 2013, 4:15 PM EDT) -- The investment bank subsidiary of French bank Credit Agricole SA has escaped a $180 million suit over an allegedly built-to-fail mortgage-backed security that imploded during the financial crisis, according to a New York federal court ruling made public Tuesday.

In a ruling dated Aug. 31, the court dismissed claims by Intesa SanPaolo SPA against Credit Agricole Corporate and Investment Bank related to the financial product, a collateralized debt obligation called Pyxis. According to the suit, the bank solicited Intesa to make a $180 million investment in...
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Case Title

Intesa SanPaolo, S.P.A. v. Credit Agricole Corporate and Investment Bank et al


Case Number

1:12-cv-02683

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Robert W. Sweet

Date Filed

April 6, 2012


Case Title

Financial Guaranty Insurance Company v. The Putnam Advisory Company, LLC


Case Number

1:12-cv-07372

Court

New York Southern

Nature of Suit

Other Fraud

Judge

Robert W. Sweet

Date Filed

October 1, 2012

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