Aozora Looks To Revive Toxic CDO Suit Against Credit Suisse

Law360, New York (September 21, 2016, 10:05 PM EDT) -- Japanese lender Aozora Bank Ltd. asked a New York appeals court Wednesday for another shot at suing Credit Suisse Group over losses from a $1.5 billion collateralized debt obligation, saying a lower court wrongly dismissed the claims as coming too late.

Aozora, which has filed a number of suits against major banks over residential mortgage-backed securities losses, claims Credit Suisse used its Jupiter V CDO as a "trash bin" for toxic assets. As the financial crisis took hold, Jupiter V tanked, and Aozora lost all of its nearly $40 million investment in the CDO due to Credit Suisse's fraud, the Japanese...

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