Allstate Corp. has filed suit against Credit Suisse Group AG, alleging that the Swiss bank caused 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. It appears that big companies such as Allstate like the court system just fine when they find themselves in the role of a victim.
Source: Insurance Journal
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