Class Certification Granted In $642M RMBS Suit Against Credit Suisse

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On June 29, Judge Lewis A. Kaplan of the Southern District of New York certified a class of investors, led by Vaszurele Ltd., in their action against Credit Suisse Securities (USA) LLC (“Credit Suisse”). The investors allege that Credit Suisse misrepresented the underwriting quality of loans originated by IndyMac Bank FSB in a $642 million RMBS offering. The court found plaintiffs met each element for class certification, rejecting Credit Suisse’s argument that the varying sophistication of the investors should bar certification of the class. Decision.