New Jersey sues Credit Suisse over mortgage securities

Wed Dec 18, 2013 11:40am EST

Dec 18 (Reuters) - The New Jersey Attorney General announced on Wednesday a lawsuit against Credit Suisse Group AG that accuses the bank of misrepresenting the risks on more than $10 billion in securities backed by home loans.

Credit Suisse did not disclose that the loan originators it used had poor track records of defaults and delinquencies, and that some had been suspended from doing business with the bank, the state's acting attorney general John Hoffman said in a statement.

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