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Credit Suisse (NYSE:CS) Will Fight New York Mortgage Securities Case

Posted by: : Paul EbelingPosted on: December 30, 2014 Credit Suisse (NYSE:CS) Will Fight New York Mortgage Securities Case

Credit Suisse (NYSE:CS) Will Fight New York Mortgage Securities Case


Credit Suisse Group AG indicates that it will fight a US lawsuit that accuses the giant Swiss bank of deceiving investors in mortgage-backed securities it once issued.

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 Ys 2006 and 2007.

Investors suffered $11.2-B in losses on the securities, according to AG Schneiderman’s lawsuit, which stems from a joint federal-state working group created by President Barack HusseinObama to go after wrongdoing that led to the Y 2008 financial crisis.

“We will appeal this particular decision and continue to defend ourselves in this case,” Credit Suisse said in a statement last Thursday after the rejection of its request for the case to be dismissed.

The US government’s examination of financial crisis-era mortgage abuses is now Credit Suisse’s biggest legal worry, after it in May set aside a years-long US probe into its dealings with Americans evading taxes by pleading guilty to a criminal charge and agreeing to pay more than $2.5-B in penalties.

In October Credit Suisse said it added a net CHF 390-M Swiss francs ($395-M) to its litigation provisions in Q-3 without saying what the provision was for.

Symbol Last Trade Date Change Open High Low Volume
NYSE: CS 25.53 Dec-29-2014 -0.44 25.52 25.72 25.52 859,100
HeffX-LTN Analysis for CS:  Overall Short Intermediate Long
Neutral (-0.15) Neutral (0.23) Bearish (-0.38) Bearish (-0.29)
Recent CandleStick Analysis
Very Bullish
Date Candle
29 Dec-2014 Inverted Hammer
26 Dec-2014 Homing Pigeon
Open Gaps
Direction Date range
up 18 Dec-2014 25.43 to 25.51
down 29 Dec-2014 25.94 to 25.72
down 12 Dec-2014 26.03 to 25.96

Untitled  cs

Support and Resistance
Type Value Conf.
resist. 29.41 2
resist. 29.13 2
resist. 28.82 3
resist. 28.62 4
resist. 28.08 3
resist. 27.81 3
resist. 27.22 2
resist. 26.91 8
resist. 26.64 2
resist. 26.45 4
resist. 26.27 4
resist. 25.86 13
supp 25.43 4
supp 24.79 4
HeffX-LTN Chart Indicators
Ind. Short Inter Long
Fibs Be VBe VBe
Highs N Be VBe
Lows VBu N N
Trends N N N
Stoch. N
VBu=Very Bullish,    Bu=Bullish
Be=Bearish,    VBe=Very Bearish

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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