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...

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