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 Credit Suisse Ready to Fight
World Economy

Credit Suisse Ready to Fight

Credit Suisse Group AG has signaled that it intends to fight a US lawsuit that accuses the Swiss bank of deceiving investors in mortgage-backed securities it had issued, Reuters reported. A New York State Supreme Court justice last week rejected the Zurich-based bank’s request to dismiss the case, in which New York Attorney General Eric Schneiderman accuses the bank of misrepresenting the quality of loans underlying residential mortgage-backed securities sponsored and underwritten by Credit Suisse in 2006 and 2007. Investors suffered $11.2b in losses on the securities, according to Schneiderman’s lawsuit. “We will appeal this particular decision and continue to defend ourselves in this case,” Credit Suisse said.

 

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