Bloomberg Law
June 12, 2018, 8:22 PM UTC

Credit Suisse Wins Narrowing of $11 Billion Suit, Martin Act

Christie Smythe

• New York’s highest court says state law has three-year term • Anti-fraud tool has been used to police stock, bond sales

New York’s powerful anti-fraud weapon known as the Martin Act was crimped by the state’s highest court, which scaled back what was an $11 billion lawsuit against Credit Suisse Group AG over mortgage-securities practices in the run-up to the financial crisis.

New York Court of Appeals found that many of the claims were too old after determining that the law’s statute-of-limitations was three years, not six years. The Martin Act has been used by state authorities to police ...

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