$1.4B Credit Suisse Loan Pool Suits Tossed By Judge
By Michael Lipkin (January 6, 2014, 8:08 PM EST) -- A New York state judge on Monday tossed claims that a Credit Suisse AG affiliate made misrepresentations about mortgage-backed securities that cost investors $1.4 billion, ruling that the suits were filed before Credit Suisse had a chance to repurchase the loans.
Judge Eileen Bransten dismissed the investors' suit with prejudice, finding that Credit Suisse unit DLJ Mortgage Capital Inc. was entitled to a 90-day cure period to buy back the loans after receiving the plaintiffs' repurchase demands. But the plaintiffs' summonses were filed by the Federal Housing Finance Agency before DLJ was served with the repurchase notice, according to the opinion....
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