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Credit Suisse sued over $362 million in MBS

Phoenix Light files lawsuit over MBS losses

According to Bloomberg, Phoenix Light SF sued Credit Suisse Group AG (CS) over alleged misrepresentations in the offering of $362-million worth of mortgage-backed securities.

The Zurich-based bank made misrepresentations and omissions about the credit quality of the loans underlying the securities in offerings from 2005 to 2007, Phoenix alleged in the complaint. Offering documents also failed to disclose that Credit Suisse was privately betting that the securities would default, Phoenix alleged.

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