New York Attorney General Eric Schneiderman can go forward with his $11 billion investor fraud lawsuit against Credit Suisse after a state appeals court ruled Tuesday that a six-year statute of limitations, rather than a three-year period, applies to the case.
The civil lawsuit, filed in Manhattan Supreme Court in 2012, alleges that the several securities-focused units of the international bank misled and wrongly induced investors in 2006 and 2007 into purchasing unstable residential mortgage-backed securities—the type that helped spur the financial crisis and Great Recession.
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