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.
|HeffX-LTN Analysis for CS:||Overall||Short||Intermediate||Long|
|Neutral (-0.15)||Neutral (0.23)||Bearish (-0.38)||Bearish (-0.29)|
|Recent CandleStick Analysis
|29 Dec-2014||Inverted Hammer|
|26 Dec-2014||Homing Pigeon|
|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|
|HeffX-LTN Chart Indicators|
|VBu=Very Bullish, Bu=Bullish
Be=Bearish, VBe=Very Bearish
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