$1.4B Credit Suisse Loan Pool Suits Tossed By Judge

Law360, Los Angeles (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...
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