Credit Suisse Fails to Get Fraud Case Dismissed – NMP Skip to main content

Credit Suisse Fails to Get Fraud Case Dismissed

Dec 14, 2016
A state-level appeals court has rejected an effort by Credit Suisse AG to dismiss a $10 billion lawsuit

A state-level appeals court has rejected an effort by Credit Suisse AG to dismiss a $10 billion lawsuit brought by New York Attorney General Eric Schneiderman that charged the Swiss bank with fraudulent activities related to the sale of its pre-2008 mortgage-backed securities.

According to a Bloomberg report, Schneiderman brought the lawsuit in 2012, but a majority decision by the five-member New York-based court rejected the bank’s claims that a three-year statute of limitations applied to the case. The bank had previously sought a dismissal of the case in December 2014, but that was rejected by the New York State Supreme Court.

"We’re pleased with the appellate court’s decision, which recognizes that a six-year statute of limitations applies to our statutory fraud claims," said Amy Spitalnick, a spokeswoman for Schneiderman. Credit Suisse offered no comment on the ruling.

About the author
Published
Dec 14, 2016
VantageScore Says 4.0 Model Could Unlock $1 Trillion In Mortgage Originations

New study says VantageScore 4.0 scores five million more creditworthy borrowers than FICO Score 10T, expanding lending opportunities as the industry prepares for the GSE credit score transition

MISMO Updates Mortgage Insurance Standards To Support FICO 10T, VantageScore 4.0

New implementation guide standardizes mortgage insurance data exchange, helping lenders, insurers and technology providers prepare systems for newer credit scoring models

Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency