Credit Suisse Gets OK For $110M Deal In $1.6B MBS Suit
Law360, Los Angeles (January 6, 2016, 11:09 PM EST) -- A New York federal judge gave a preliminary nod Wednesday to a $110 million settlement to resolve a class action brought by investors alleging Credit Suisse AG used misleading financial disclosure documents to trick them into purchasing $1.6 billion in troubled mortgage-backed securities.
U.S. District Judge Paul A. Crotty granted preliminary approval of the deal, which ends claims brought by the New Jersey Carpenters Health Fund and other investors who had claimed that registration statements and other documents proffered by Credit Suisse concealed the quality of the underlying loans, an alleged violation of underwriting standards.
Lead counsel for the investors indicated...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!