Credit Suisse intends to appeal if a New York judge condemns the bank in the residential mortgage-backed securities (RMBS) case.
Credit Suisse fears a setback in New York justice.
KEYSTONE
Bank Credit Suisse could lose more than half a billion dollars in the New York litigation in which it has been mired since 2009 over residential mortgage-backed securities (RMBS), designated as responsible for the 2008 financial crisis .
Credit Suisse and credit enhancer MBIA will be required to submit damages estimates for the infamous Residential Mortgage Backed Securities (RMBS), for which they have both been in litigation in New York City since 2009.
It is the judge presiding over this case who signed the related order Monday evening. “This could result in a judgment against Credit Suisse in the amount of $ 680 million,” according to a statement released Tuesday by the big bank.
The group, however, indicates that it has “strong grounds for appeal” and announces that an update of the impact of this case on its fourth quarter results will be made “in good time”.
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