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Credit Suisse loses appeal on US MBS suit

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Credit Suisse loses appeal on US MBS suit

A New York appeals court on Dec. 13 rejected Credit Suisse Group AG's request to dismiss a $10 billion lawsuit filed by New York Attorney General Eric Schneiderman in 2012, in which the bank is accused of misleading investors into purchasing mortgage-backed securities in the run-up to the 2008 financial crisis, Bloomberg News reported the same day.

The bank had argued that the case should have been dismissed as the state had missed a three-year deadline for suing. However, Justice Marcy Friedman of the New York State Supreme Court agreed with New York's argument that a six-year statute of limitations applied.

Friedman also said Schneiderman had demonstrated that the bank may have engaged in misconduct, Bloomberg noted.