Credit Suisse was accused on Thursday of having 'learnt nothing' from the 2008 financial crisis on the first day of a trial at London's High Court over residential mortgage-backed securities.
A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouywas accused on Thursday of having "learnt nothing" from the 2008 financial crisis on the first day of a trial at London's High Court over residential mortgage-backed securities.
Loreley Financing, a special purpose vehicle set up by German bank IKB, is suing Credit Suisse over its 2007 purchase of $100 million of notes as part of a collateralised debt obligation transaction. The Jersey-registered company said in court filings that it bought the notes because of Credit Suisse's "false and dishonest representations" about their value.
Loreley also argues the allegedly false representations were part of a "systemic fraud" by the Swiss bank in relation to the securitisation of residential mortgage-backed securities . Credit Suisse denies that there was any fraud in relation to its RMBS business, saying in written arguments that Loreley's case is "thoroughly implausible".
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