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News & Insights

Credit Suisse Wins Martin Act Litigation on Appeal

June 12, 2018

On June 12, 2018, the New York State Court of Appeals ruled in favor of Cravath client Credit Suisse in dismissing the Martin Act claim filed by the New York Attorney General relating to all residential mortgage‑backed securities (“RMBS”) sponsored by Credit Suisse in 2006 and 2007—about $40 billion worth of securities in total.

In December 2014, the New York Supreme Court denied Credit Suisse’s motion to dismiss the complaint for failure to timely commence suit under a three‑year statute of limitations period, finding that a six‑year limitations period applied. Credit Suisse filed an interlocutory appeal of the decision to the New York Appellate Division, First Department. The First Department affirmed the lower court in a split decision (3-2) in December 2016, and granted Credit Suisse leave to appeal to the New York Court of Appeals.

The state’s highest court agreed with Credit Suisse that the Martin Act (an investor protection statute which the NYAG argues is essentially a strict liability statute) is governed by a three‑year limitation period, not the six‑year period the NYAG has always argued should apply, and therefore dismissed the Martin Act claim with prejudice. This is significant not only for the Credit Suisse case, but for future NYAG proceedings in the investment industry generally.

The Cravath team included partners Richard W. Clary, who argued the appeal before the New York State Court of Appeals in March 2018, Michael T. Reynolds and Lauren A. Moskowitz, and associates Alexander V. Maugeri and Winnifred A. Lewis. The case is People of the State of New York v. Credit Suisse Securities (USA) LLC et al., No. 451802/2012 (N.Y. Sup.).

Related Practices & Industries

  • Litigation
  • Appellate
  • Securities Litigation
  • Financial Services and Insurance

People

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Name
Michael T. Reynolds
Title
Litigation
Title
Partner
Email
mreynolds@cravath.com
Phone
+1-212-474-1552
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    Education

    • J.D., 1995, Yale Law School
    • M.Phil., 1991, University of Cambridge
      Keasbey Scholar
    • A.B., 1990, Dartmouth College
      Phi Beta Kappa, magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Lauren A. Moskowitz
    Title
    Litigation
    Title
    Partner
    Email
    lmoskowitz@cravath.com
    Phone
    +1-212-474-1648
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      Education

      • J.D., 2005, Fordham University School of Law
        magna cum laude
      • B.A., 2002, Cornell University

      Admitted In

      • New York
      Photo
      Name
      Richard W. Clary
      Title
      Litigation
      Title
      Retired Partner
      Email
      rclary@cravath.com
      Phone
      +1-212-474-1227
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        Education

        • J.D., 1978, Harvard Law School
          Sears Prize, magna cum laude
        • B.A., 1975, Amherst College
          Phi Beta Kappa, magna cum laude

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