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Credit Suisse Sued by N.J. Over $10 Billion in Mortgages

Credit Suisse Sued by N.J. Over $10 Billion in Mortgages

Credit Suisse Group AG (CSGN) was sued by New Jersey over claims the bank misrepresented the risk to investors in more than $10 billion in residential mortgage-backed securities.

The state claims Credit Suisse Securities (USA) LLC and two affiliates misled investors about defects in securities issued in 2006 and 2007. The bank didn’t disclose that loans failed to meet underwriting standards and originators had “poor track records characterized by alarming levels of defaults and delinquencies,” New Jersey claimed.

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