Allstate sues Credit Suisse over mortgage debt

By Reuters
Posted March 1 at 8:39 a.m.

Allstate Corp. on Monday sued Credit Suisse Group AG, accusing the Swiss bank of causing losses by hiding the risks on $232 million of mortgage securities it bought.

Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against at least four other lenders: Bank of America Corp, Citigroup Inc, Deutsche Bank AG and JPMorgan Chase & Co.

The five lawsuits seek to recover losses that Allstate said it suffered on roughly $2.1 billion of securities.

Credit Suisse did not immediately return a call seeking a comment.

The case is Allstate Insurance Co et al v. Credit Suisse Securities (USA) LLC, New York State Supreme Court, New York County, No. 650547/2011.

Read more about the topics in this post:

Companies in this article


Read more about this company »

Comments are closed.