Royal Park Investments SA/NV sued Credit Suisse Group AG (CS) in New York over $359 million worth of residential mortgage-back securities. Bloomberg describes the basics of the case:

“The offering documents further failed to disclose that, at the same time defendants were offering the certificates for sale to plaintiff, they were privately betting that similar certificates would soon default at significant rates,” Royal Park said in the suit. “Defendants used these offering documents to defraud plaintiff and its assignors into purchasing supposedly ‘investment grade’ certificates at falsely inflated prices.”