When a trove of damning internal emails was unsealed last month in a securities suit against Credit Suisse, Gretchen Morgenson of The New York Times wasn’t the only one who snapped to attention. Lawyers at Cohen Milstein Sellers & Toll who are pursuing a separate mortgage-backed securities class action against Credit Suisse subsidiaries also took notice, and on Monday they accused the bank of discovery violations for failing to disclose the documents in their own case.
In a three-page letter to U.S. District Judge Paul Crotty in Manhattan, the plaintiffs lawyers complained that they first learned of the documents from the Times report, which concerned a Boston case brought by Cambridge Place Investment Management. Cohen Milstein’s Joel Laitman wrote that Credit Suisse failed to produce the materials in the New York case even though they provide “direct proof” that the bank violated securities laws, and even though some “were to and from witnesses already deposed in this action, including two individual defendants.”
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