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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWireLONDON -Credit Suisse saw off a case brought against the bank over $100 million of notes linked to residential mortgage-backed securities on Friday, resolving another legacy legal headache for its now owner UBS.
Many residential mortgage-backed securities carried triple-A ratings, despite being backed by subprime and other risky home loans. Loreley also said the representations were part of a"systemic fraud" in relation to the securitisation of RMBS. Loreley's lawyer Tim Lord repeatedly referred at the trial to Credit Suisse's $5.28 billion settlement with the U.S. Department of Justice, which was agreed in 2016 to settle claims that it misled RMBS investors.Loreley's London lawyers and UBS declined to comment. IKB did not immediately respond to a request for comment.
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