Credit Suisse Asks Appeals Court To Rein In $1B RMBS Trial

Law360, New York (June 13, 2019, 9:21 PM EDT) -- Two Credit Suisse Group AG units on Thursday asked a New York appeals court to undo a lower court’s ruling in favor of the trustee for four pools of toxic residential mortgage-backed securities that allegedly caused over $1 billion in losses, saying it wrongly interpreted a sole remedy provision in the underlying contracts.

U.S. Bank NA, the trustee, claims that Credit Suisse units DLJ Mortgage Capital Inc. and Select Portfolio Servicing Inc. made extensive representations and warranties about roughly 36,000 loans sold to the trusts that were securitized and sold to investors, and promised to buy back the loans if the...

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