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.
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
Clash of Florida Titans Pits Powerful Tribe Against Homebuilder Lennar 
Remember the Fall of Patriot National? Trial in Suit vs. Mariano’s Lawyers to Begin 
US to Explore Allowing Driverless Cars Without Steering Wheels 
