{"id":5725,"date":"2014-12-26T00:00:00","date_gmt":"2014-12-26T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/12\/credit_suisse_ordered_to_face_1"},"modified":"2022-05-06T12:08:59","modified_gmt":"2022-05-06T17:08:59","slug":"credit-suisse-ordered-to-face-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-ordered-to-face-1\/","title":{"rendered":"Credit Suisse Ordered to Face $10B Mortgage-Backed Securities Fraud Lawsuit by NY AG"},"content":{"rendered":"<p>A New York State Supreme Court justice says that Credit Suisse Group AG (CSGN) must face a $10 billion securities lawsuit accusing the bank of mortgage-backed securities fraud. Justice Marcy Friedman refused to dismiss the case, saying that a trial will take place. She said that the state has shown that the Swiss financial institution may have engaged in misconduct.<\/p>\n<p>New York sued Credit Suisse in 2012, accusing it of misrepresenting the risks involved in investing in mortgage-backed securities. The bank tried to claim that the state missed the three-year deadline it had for filing such a claim. NY, however, countered that it had six years to pursue its claim.<\/p>\n<p>The state\u2019s Attorney General, Eric Schneiderman, has been going after banks while helping beleaguered homeowners and trying to keep the number of foreclosures from going up. His office has used the Martin Act, which is the NY\u2019s anti-fraud statute to make its cases. Under that law, it is illegal for sellers to make false promises about the securities they are selling. Schneiderman contends that Credit Suisse told investors that the mortgage securities were safe even though the bank knew that the residential loans backing them had \u201cpervasive flaws.\u201d<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-ordered-to-face-1\/\"  title=\"Continue Reading Credit Suisse Ordered to Face $10B Mortgage-Backed Securities Fraud Lawsuit by NY AG\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A New York State Supreme Court justice says that Credit Suisse Group AG (CSGN) must face a $10 billion securities lawsuit accusing the bank of mortgage-backed securities fraud. Justice Marcy Friedman refused to dismiss the case, saying that a trial will take place. She said that the state has shown that the Swiss financial institution [&hellip;]<\/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":[3817,3752,3757],"tags":[3303,3491],"class_list":["post-5725","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-financial-firms","category-mortgagebacked-securities","tag-credit-suisse","tag-mortgage-backed-securities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Credit Suisse Ordered to Face Mortgage-Backed Securities Fraud Lawsuit | Securities Fraud Attorney<\/title>\n<meta name=\"description\" content=\"A New York State Supreme Court justice has ordered Credit Suisse Group to face a $10 billion mortgage-backed securities fraud lawsuit helded against it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-ordered-to-face-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Credit Suisse Ordered to Face Mortgage-Backed Securities Fraud Lawsuit | Securities Fraud Attorney\" \/>\n<meta name=\"twitter:description\" content=\"A New York State Supreme Court justice has ordered Credit Suisse Group to face a $10 billion mortgage-backed securities fraud lawsuit helded against it.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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