Credit Suisse to Pay NJ $495 Million to Settle Mortgage-Backed Securities Litigation
The lawsuit, filed in Mercer County Superior Court, Chancery Division, alleged that Credit Suisse packaged billions of dollars of defective residential loans into publicly traded securities.
October 17, 2022 at 04:59 PM
4 minute read
Credit Suisse office/photo by Diego M. Radzinschi/ALM The New Jersey Attorney General's Office announced that the state's Bureau of Securities has reached a settlement in principle with Credit Suisse in a lawsuit over the sale of residential mortgage-backed securities in the run-up to the 2008 financial crisis, including $300 million in restitution to investors.
"This agreement in principle holds Credit Suisse accountable for the loss of billions of dollars that helped put the nation in financial crisis," said First Assistant Attorney General Lyndsay V. Ruotolo in a statement.
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