Credit Suisse Duped Investors In $10B MBS Deals, NJ Says

Law360, New York (December 18, 2013, 2:28 PM EST) -- New Jersey state officials on Wednesday hit Credit Suisse Securities (USA) LLC and two affiliates with a suit alleging they misled investors about the quality of loans packaged into more than $10 billion in residential mortgage backed securities before the financial crisis.

The suit by acting New Jersey Attorney General John J. Hoffman accused Credit Suisse of peddling “toxic” securities between May 2006 and April 2007 while falsely claiming the underlying loans met acceptable underwriting standards.

Credit Suisse’s own traders warned about the risks of some...
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