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Credit Suisse Will Appeal Mortgage-Backed Securities Fraud Lawsuit

Scott Gamm
12/29/14 11:14 AM EST
Credit Suisse is up against a $10 billion lawsuit from New York Attorney General Eric Schneiderman over its alleged role in the sale of fraudulent mortgage-backed securities in the years leading up to the financial crisis, but says it will fight the case, according to a Reuters report. The investment bank said on Monday that it will fight the case. Other banks have been sued for fraud involving mortgage-backed securities, including JPMorgan Chase, which agreed to a $13 billion settlement with the Department of Justice last year. Some $613 million of that settlement went to New York State. Citigroup paid $7 billion in fines last summer and Bank of America paid almost $17 billion to federal and state authorities involving fraudulent mortgage back security sales back in August. Shares of Credit Suisse are trading down about 1.3% at $25.62 per share.
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