Credit Suisse Ordered to Pay $604 Million in Mortgage Case (1)

Credit Suisse Group AG was ordered to pay $604 million in damages in a lawsuit over mortgage securities that collapsed in the 2008 financial crisis, less than the plaintiff had sought.

A New York state judge ruled against Credit Suisse in a 2009 suit brought by bond insurer MBIA Inc. over alleged misrepresentations of the quality of loans underlying residential mortgage-backed securities it guaranteed in 2007. MBIA had been seeking $686.7 million plus interest while Credit Suisse had estimated damages of $597.7 million.

Credit Suisse is among lenders including Morgan Stanley, UBS Group AG and Nomura Holdings Inc. that ...