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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