Big Banks Lose Bid to Halt Crisis-Era Lawsuits
By
The Supreme Court rejected a petition from Wells Fargo, Credit Suisse and Deutsche Bank on Monday.CreditAl Drago/The New York Times
WASHINGTON — The Supreme Court has rebuffed an effort by some of the country’s largest banks to halt several financial crisis-era lawsuits that could result in tens of billions of dollars in legal costs.
The banks, including Wells Fargo, Credit Suisse and Deutsche Bank, had asked the justices to review an appeals court ruling that regulators filed their claims against the banks in a timely manner, despite a 1930s securities law that gave them only three years to do so. The claims were related to billions of dollars in mortgage-backed securities that banks packaged and sold to other institutions before the financial crisis in 2008…
Big Banks Lose Bid to Halt Crisis-Era Lawsuits
