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.
Surveys Show Concerns About Florida Market, But Consumers Are Warming Up 
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Florida, East Coast to See Big Insured Losses From More Cat 5 Storms, Researchers Say 
Trump Outlines Plan to Unwind Biden-Era Car Mileage Mandates 
