Credit Suisse wins London lawsuit over RMBS-linked notes
Credit Suisse on Friday won a lawsuit at London’s High Court over the sale of $100 million (CHF90.47 million) of notes linked to residential mortgage-backed securities.
This content was published on
2 minutes
Reuters
Loreley Financing, a special purpose vehicle set up by German bank IKB, sued Credit Suisse over its 2007 purchase of the notes as part of a collateralised debt obligation transaction.
The Jersey-registered company argued at a trial starting in April that it bought the notes because of Credit Suisse’s “false and dishonest representations” about their value.
Loreley also argued the allegedly false representations were part of a “systemic fraud” by the Swiss bank in relation to the securitisation of residential mortgage-backed securities (RMBS).
But Credit Suisse – now owned by UBS – denied that there was any fraud in relation to its RMBS business, describing Loreley’s case as “thoroughly implausible”.
Judge Sara Cockerill ruled in Credit Suisse’s favour on Friday, saying there was no evidence to support the case of systemic fraud beyond “isolated documents”.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Deeply Read
More
Science
Switzerland says it can’t afford to take part in Copernicus programme
Zelensky wants to ‘make history’ at Swiss peace summit
This content was published on
While Swiss President Viola Amherd spoke of modest objectives at the two-day Summit on Peace in Ukraine, her Ukrainian counterpart Volodymyr Zelensky was more proactive, saying he wanted to make history.
US announces $1.5 billion aid for Ukraine at Swiss peace summit
This content was published on
US Vice President Kamala Harris has announced more than $1.5 billion in aid in part for Ukraine’s energy sector and its humanitarian situation.
Zurich Pride: Nemo plays first gig since Eurovision triumph
This content was published on
Swiss singer Nemo performed on Friday night at Zurich’s Pride Festival. It was the artist’s first concert since winning the Eurovision Song Contest last month.
Fireworks accident caused fatal explosion in Swiss car park
This content was published on
The explosion in an underground parking garage in Nussbaumen, northern Switzerland, on Thursday evening was caused by an accident involving fireworks.
This content was published on
All over Switzerland women took to the streets today: in several cities feminist associations called for demonstrations to assert their rights. Events scheduled for the strike were numerous.
Final guest list published for Swiss summit on peace in Ukraine
This content was published on
A total of 92 countries, including almost 60 heads of state and government, will be taking part in the Summit on Peace in Ukraine.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.