Prudential's RMBS Suit Lacks Fraud Claim: Credit Suisse

Law360, New York (January 29, 2013, 4:51 PM EST) -- Credit Suisse AG on Monday urged a New Jersey federal judge to deep-six Prudential Insurance Co. of America's suit claiming the banking giant fraudulently securitized thousands of defective home loans backing $466 million in mortgage-backed securities, saying the insurer hasn't alleged any fraud.

Prudential said it was among the many investors in Credit Suisse's RMBS offering, which was backed by roughly 18,400 mortgage loans securitized by the U.S. branch of the Swiss bank. The insurer sued Credit Suisse in November, claiming Credit Suisse knew that a...
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