(Bloomberg) — MBIA Inc. asked a judge to order Credit Suisse Group AG to turn over internal records that the bond insurer says bolster its contention the bank lied about how it processed loans packaged into mortgage-backed securities.
MBIA said in a court filing today that Credit Suisse has withheld evidence about how the bank's actual practices diverged from its representations — including documents identified as exhibits in other lawsuits based on the same allegations.
The bond insurer asked Justice Shirley Werner Kornreich in New York State Supreme Court in Manhattan to force the bank to search documents and e-mails on its policies and practices including those related to loan underwriting and origination, due diligence and post-acquisition quality-control review.
MBIA, based in Armonk, New York, sued Zurich-based Credit Suisse in December 2009, saying it made “pervasive and material misrepresentations” about the loans underlying $1 billion worth of mortgage securities.
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