Credit Suisse Wins UK Suit Over Subprime Fraud Allegations

Credit Suisse won a London lawsuit over the sale of subprime mortgages dating back more than a decade, after a judge rejected allegations of fraud and deceit by a German lender.

A judge ruled Friday that IKB Deutsche Industriebank AG, which sued the bank now owned by UBS Group AG for $160-million, failed to prove the allegations of misrepresentation and conspiracy by Credit Suisse in the sale of debt securities that were at the heart of the 2008 global financial crisis.

“Ultimately there was no evidence to support a systemic fraud case,” the Judge Sara Cockerill said in the ...