Credit Suisse Looks To Nix NY AG's $11.2B RMBS Suit
Law360, New York (March 29, 2016, 10:25 PM EDT) -- Multiple Credit Suisse Group units on Tuesday asked a New York appeals court to find New York Attorney General Eric Schneiderman’s residential mortgage-backed securities lawsuit over $11.2 billion in investor losses to be time-barred, citing precedent from New York’s highest court.
Schneiderman sued the bank in 2012 under New York’s Martin Act, a broad anti-financial fraud statute, accusing Credit Suisse “deceived investors” about the quality of mortgages included in the securities and the care with which the bank evaluated them, both before and after investors purchased the securities. The RMBS were sold prior to 2008, when the housing bubble burst. The...
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