U.S. Judge gives preliminary approval for C Suisse bond settlement

Gavel

A U.S. judge has given preliminary approval to a $110m settlement to resolve an investor lawsuit against Credit Suisse over toxic mortgage-backed securities issued before the 2008 financial crisis.

Reuters reports that the settlement, which got preliminary approval from U.S. District Judge Paul Crotty in Manhattan on Wednesday, resolves a class action lawsuit by investors who said offering documents for $1.6bn in mortgage bonds contained misstatements and omissions.

The settlement resolves claims by purchasers of Home Equity Mortgage Trust bonds in multiple offerings. The bulk of the settlement covers investors in two offerings in 2006 and 2007, according to court papers.

To access the complete Reuters article hit the link below:

US judge gives initial approval to Credit Suisse mortgage bond accord

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