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NY court throws out claims against Credit Suisse, citing statute of limitations

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NY court throws out claims against Credit Suisse, citing statute of limitations

The New York Court of Appeals threw out a number of mortgage securities-related claims by the state of New York against Credit Suisse Group AG on statute of limitations grounds, Bloomberg News reported June 12.

The court ruled that the nearly century-old Martin Act imposes a three-year, rather than six-year, statute of limitations, Bloomberg said, noting that the ruling may have wider implications for corporate enforcement cases. The court did not throw out all the claims against Credit Suisse, which were filed in late 2012 and relate to the sale of mortgage-backed securities in 2006 and 2007.