Credit Suisse, Mortgage Insurer Clash On Axed Fraud Claim

Law360, New York (October 24, 2017, 9:05 PM EDT) -- Credit Suisse Securities USA LLC and a bond insurer that accuses it of causing a $235 million loss on mortgage-backed securities argued before a New York state appeals court on Tuesday about whether to revive part of the suit, with each side seeming to have one judge in its corner.

The lawsuit, which has been grinding through the courts since 2009, took a major step toward trial earlier this year when New York Supreme Court Judge Shirley Werner Kornreich trimmed MBIA Insurance Corp.'s fraud claim from its suit against Credit Suisse, saying the insurer was trying to recover the same damages...

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