Law360, Los Angeles (October 13, 2015, 11:50 PM EDT) -- A New York judge refused to toss a mortgage-backed securities lawsuit accusing a Credit Suisse unit of failing to buy back bad loans in a $1 billion pool of more than 5,000 mortgages, saying U.S. Bank makes a valid claim that a servicing agreement obligated it to do so.In a decision reached Thursday but filed with the court on Friday, Judge Eileen Bransten said a servicing agreement struck between trustee U.S. Bank NA and Credit Suisse AG subsidiary DLJ Mortgage Capital Inc. obligated DLJ to repurchase or repair some 1,200 shoddy loans that were in breach of the contract.... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A New York judge has refused to dismiss a mortgage - backed securities lawsuit accusing Credit securities subsidiary , DLJ & Capital securities , for failing to pay back bad loans in a $ 1bn pool of over 5,000 mortgages , alleging that U.S. Bank NA makes a valid claim that a servicing agreement obligated it to do so .