A unanimous Appellate Division, First Department, panel ruled yesterday that two insurance companies are entitled to jury trials in lawsuits accusing Credit Suisse affiliates of fraudulently inducing them to issue policies on mortgage-backed securities, even though the policies waived the right to a jury trial. The insurers, Ambac Assurance Corp. and MBIA Insurance Corp., filed separate lawsuits in 2009 and 2010, respectively, which were consolidated because they involve similar allegations. The insurers allege Credit Suisse made false representations about the default risk of mortgage-backed securities it was underwriting.
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