World Economy

Credit Suisse Can Be Prosecuted

Credit Suisse Can Be ProsecutedCredit Suisse Can Be Prosecuted

Swiss banking giant Credit Suisse can be prosecuted for its role in the US housing finance meltdown, according to a court decision, which dismissed the company’s bid to halt a suit, AFP reported. The bank had filed a motion to have a suit for fraud over the sale of questionable mortgage securities that dealt buyers $11.2 billion in losses in the housing crisis dismissed. But Justice Marcy Friedman of New York’s Supreme Court authorized the state’s attorney general to pursue the suit in a decision Wednesday. Freidman denied the bank’s claim that a three-year statute of limitations  had been exceeded, insisting that the state had six years to file against Credit Suisse.