{"id":1868,"date":"2017-11-02T14:58:13","date_gmt":"2017-11-02T19:58:13","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1868"},"modified":"2022-03-22T15:07:14","modified_gmt":"2022-03-22T20:07:14","slug":"credit-suisse-mbia-insurance-continue-fight-mortgage-backed-securities-fraud-claims-court","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-mbia-insurance-continue-fight-mortgage-backed-securities-fraud-claims-court\/","title":{"rendered":"Credit Suisse and MBIA Insurance Continue to Fight Over Mortgage-Backed Securities Fraud Claims in Court"},"content":{"rendered":"

\t\t\t\tIn New York Court of Appeals, MBIA Insurance Corp. and Credit Suisse Securities USA LLC (CS) presented arguments over whether to resuscitate part of the $235M mortgage-backed securities case brought by the insurer against the financial firm. NY Supreme Court Judge Shirley Werner Kornreich previously took out the fraud claim in MBIA’s case after finding that bond insurer wanted the same damages from both that claim and its contract claim. MBIA has since appealed, arguing that Kornreich misread the facts presented, as well as the applicable case law.<\/p>\n

The bond insurer contends that both the contract and fraud claims are separate and valid. Credit Suisse, meantime, maintains that contract and fraud claims are \u201cduplicative.\u201d<\/p>\n

In addition to cutting the insurer\u2019s fraud claim from the lawsuit, Kornreich rejected MBIA\u2019s request that she find that Credit Suisse breached its warranties regarding the mortgages\u2019 quality in about 29% of instances. The judge also called MBIA to task for not doing its own due diligence regarding the loans\u2019 quality.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In New York Court of Appeals, MBIA Insurance Corp. and Credit Suisse Securities USA LLC (CS) presented arguments over whether to resuscitate part of the $235M mortgage-backed securities case brought by the insurer against the financial firm. NY Supreme Court Judge Shirley Werner Kornreich previously took out the fraud claim in MBIA’s case after finding […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3756,3817,3752,3757],"tags":[],"class_list":["post-1868","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-credit-suisse","category-financial-firms","category-mortgagebacked-securities"],"yoast_head":"\nCredit Suisse and MBIA Insurance Continue to Fight Over Mortgage-Backed Securities Fraud Claims in Court — Investor Lawyers Blog — November 2, 2017<\/title>\n<meta name=\"description\" content=\"In New York Court of Appeals, MBIA Insurance Corp. and Credit Suisse Securities USA LLC (CS) presented arguments over whether to resuscitate part of the — November 2, 2017\" \/>\n<meta name=\"robots\" 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