C Suisse to contest multi-billion dollar lawsuit

Credit Suisse said on Monday it would fight a U.S. lawsuit which accuses the bank of deceiving investors in mortgage-backed securities it had issued.

Reuters reports that the bank said a New York State Supreme Court justice had last week rejected its request to dismiss the case, in which New York Attorney General Eric Schneiderman accuses the bank of misrepresenting the quality of loans underlying residential mortgage-backed securities sponsored and underwritten by Credit Suisse in 2006 and 2007.

Investors suffered $11.2bn in losses on the securities, according to Schneiderman's lawsuit, which stems from a joint federal-state working group created by President Barack Obama to go after wrongdoing that led to the 2008 financial crisis.

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Credit Suisse vows to fight New York mortgage securities case

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