Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Credit Suisse : MBIA says Credit Suisse hid crucial documents in U.S. mortgage case

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/23/2014 | 05:45pm EDT
Logo of Swiss bank Credit Suisse is seen below the Swiss national flag at a building in the Federal Square in Bern

NEW YORK (Reuters) - Credit Suisse Group AG has withheld many key documents from MBIA Inc in a lawsuit accusing the Swiss bank of lying about how it processed loans used in mortgage-backed securities, and it should be ordered to review whether it has more evidence suggesting misconduct, the bond insurer said.

In a filing in New York state court on Monday, MBIA objected to what it called Credit Suisse's failure to turn over "some of the hottest documents" in the 4-1/2-year-old lawsuit, on the ground that they were "non-responsive."

MBIA, based in Armonk, New York, said it learned of the documents only in the last few months, after a court told Credit Suisse to turn over deposition transcripts from other U.S. cases involving similar claims.

Credit Suisse spokesman Drew Benson declined to comment.

The dispute stemmed from a December 2009 lawsuit in which MBIA accused Credit Suisse of fraudulently deceiving it into participating in a mortgage-backed securities transaction that quickly soured, causing the insurer to pay more than $296 million in claims.

Credit Suisse has said the lawsuit lacks merit.

Monday's filings included more than 500 pages of exhibits that MBIA said may support its claim that Credit Suisse hid defects in securitisation practices before the financial crisis, reflecting the bank's desire to sell more securities rather than honour its stated policies. Many banks have faced similar claims.

Among the exhibits is an Aug. 21, 2007, email in which a Credit Suisse due diligence official referred to "some terrible decisions or missed calls, magnified by very bad feedback" in a bank business that handled underwriting and due diligence.

Another is an Nov. 22, 2006, email that MBIA said shows a bank official's concern about making "underwriting exceptions" that could result in "liability down the road when the loans go bad and people point out that we violated our own guidelines.

"The fulfilment process is a joke," the email said. "I hate to say it but I think we're either all in as a mortgage company or out completely at this point."

MBIA asked Justice Shirley Werner Kornreich in state court in Manhattan, who oversees the New York case, to order Credit Suisse to conduct a "targeted re-review" of documents to ensure it is turning over evidence properly.

The case is MBIA Insurance Corp. v. Credit Suisse Securities (USA) LLC et al, New York State Supreme Court, New York County, No. 603751/2009.

(Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)

By Jonathan Stempel

Stocks treated in this article : MBIA Inc., Credit Suisse Group AG
Valeurs citées dans l'article : MBIA Inc., Credit Suisse Group AG
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.27% 12.865 Delayed Quote.19.44%
MBIA INC. 0.92% 9.87 Delayed Quote.10.65%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CREDIT SUISSE GROUP AG
09/19EUROPE : Bank rally leads European stocks higher
RE
09/19SNB raising negative rate threshold may halve burden on banks - analysts
RE
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 5th ..
DJ
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 4th ..
DJ
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 2nd ..
DJ
09/18EUROPE MARKETS: European Stocks Nudge Higher Ahead Of Fed, Led By Banks And I..
DJ
09/17GM Strike to Cost Millions Daily -- WSJ
DJ
09/13Bankers Launch Underwriting Plans For Aramco's IPO -- WSJ
DJ
09/13Yahoo Japan's Deal Aims to Lift Retail
DJ
09/12Oracle Co-CEO to Go on Medical Leave -- WSJ
DJ
More news
Financials (CHF)
Sales 2019 21 334 M
EBIT 2019 4 775 M
Net income 2019 3 215 M
Debt 2019 91 605 M
Yield 2019 2,18%
P/E ratio 2019 10,2x
P/E ratio 2020 8,42x
EV / Sales2019 5,81x
EV / Sales2020 5,62x
Capitalization 32 263 M
Chart CREDIT SUISSE GROUP AG
Duration : Period :
Credit Suisse Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CREDIT SUISSE GROUP AG
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14,47  CHF
Last Close Price 12,87  CHF
Spread / Highest target 55,5%
Spread / Average Target 12,5%
Spread / Lowest Target -21,0%
EPS Revisions
Managers
NameTitle
Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
Pierre-Olivier Marie Bouée Chief Operating Officer
David Richard Mathers Chief Financial Officer
Andreas Niklaus Koopmann-Zulliger Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CREDIT SUISSE GROUP AG19.44%32 478
JP MORGAN CHASE & COMPANY22.29%380 125
BANK OF AMERICA20.09%275 433
INDUSTRIAL AND COMMERCIAL BANK OF CHINA3.97%268 706
WELLS FARGO & COMPANY5.53%214 269
CHINA CONSTRUCTION BANK CORPORATION10.68%192 674