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Calling it one more bait-and-switch operator, the NCUA said it filed suit on Thursday against Credit Suisse Securities, charging that the Swiss bank subsidiary misrepresented the $715 billion in mortgage-backed securities it sold to three corporates, causing their collapse.

The suit in federal court in Kansas City, Kan., is the latest filed by the agency against securities firms and alleges that Credit Suisse violated state and federal securities in underwriting and sale of the securities to U.S. Central, WesCorp and Southwest Corporate.

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