Credit Agricole accused of fraud by sub-prime product investors

first_img Show Comments ▼ KCS-content Tags: NULL whatsapp Share Sunday 24 October 2010 11:22 pmcenter_img CREDIT Agricole has been accused of fraud in the United States by investors in the bank’s sub-prime mortgage-backed securities. Several firms under the Jersey-based Loreley name brought a case in a New York state court last week over three collateralised debt obligations (CDOs) named Orion 2006-1, Pyxis 2006-1, and Millstone IV, which they claim were designed to fail. The Loreley firms were advised and funded by German bank IKB, which is in turn being sued by Credit Agricole in the UK over its involvement in another mortgage-backed security named Havenrock II.“Credit Agricole CIB has been notified of the IKB US filing which is clearly related to our UK $1.675bn high court 2009 lawsuit against IKB for fraud. We are confident this counter-action by IKB is without merit,” said a Credit Agricole spokesperson last night.The ongoing case is one of several relating to CDOs created in the run-up to the financial crisis. Goldman Sachs and Societe Generale are currently defending a lawsuit from German bank LBBW, which claims it lost $37m after being misled about a CDO’s risk. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this Credit Agricole accused of fraud by sub-prime product investors last_img read more