credit 02US regulator can sue banks over mortgage bond sales: appeals court

 

This is a channelnewsasia.com article.

 

NEW YORK: A U.S. appeals court on Wednesday revived a lawsuit by the Federal Deposit Insurance Corp against five banks including Credit Suisse Group AG stemming from the sales of mortgage-backed securities ahead of the 2008 financial crisis.

The 2nd U.S. Circuit Court of Appeals in New York ruled that a lower-court judge had erred in dismissing the FDIC lawsuit, which also named units of HSBC Holdings Plc , Royal Bank of Scotland Group Plc , UBS AG and Deutsche Bank AG as defendants.

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