Societe Generale Unit Must Face UK Bank's $34M CDO Suit
By Jeff Sistrunk (August 12, 2014, 3:54 PM EDT) -- A New York state judge has largely left intact a U.K. bank's suit accusing a Societe Generale SA unit of causing it to suffer $34 million in losses by misrepresenting the quality of residential mortgage-backed securities underlying collateralized debt obligation notes, finding the plaintiff adequately alleged fraud.
In a ruling dated Aug. 5 and made public Tuesday, Judge Melvin L. Schweitzer granted in part and denied in part Societe Generale Corporate and Investment Banking's motion to dismiss NRAM PLC's suit. NRAM, known as Northern Rock, alleges that SGCIG and others caused it to suffer losses on notes issued by a collateralized...
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