gavel 01Credit Suisse to Pay $10B in New York Mortgage Lawsuit


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Swiss banking giant Credit Suisse Group AG CS is likely to face a fine of $10 billion, on account of allegations from the New York Attorney General, Eric Schneiderman, accusing the bank of fraudulent residential mortgage-backed securities (RMBS) sale in the run-up to the 2008 financial crisis. The case was filed by Schneiderman in 2012, which the company tried to dismiss by calling it outside the statute of limitations, however, was unsuccessful.

The court rejected the company’s appeal to dismiss the case, stating that Schneiderman had provided proofs to the panel, consisting of five judges, which showed Credit Suisse may have involved in mortgage misconduct. Further, the court mentioned that the claims made by Schneiderman were within the six-year statute of limitations.

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