Allstate Corp. on Monday sued Credit Suisse Group AG, accusing the Swiss bank of causing losses by hiding the risks on $232 million of mortgage securities it bought.
Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against at least four other lenders: Bank of America Corp., Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co.
The five lawsuits seek to recover losses that Allstate said it suffered on roughly $2.1 billion of securities.
Credit Suisse did not immediately return a call seeking a comment.
The case is Allstate Insurance Co et al v. Credit Suisse Securities (USA) LLC, New York State Supreme Court, New York County, No. 650547/2011.
(Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz)
Was this article valuable?
Here are more articles you may enjoy.
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Sompo Receives Regulatory Approvals to Acquire Aspen Insurance in $3.5B Deal 
Palantir Decamps to Miami Co-Working Space in Surprise Move 
