Mortgage.com Pulls Out of CSFB Suit
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Mortgage.com Inc. says it’s pulling out of a class-action suit against Credit Suisse First Boston Corp. brought on behalf of 200 companies the bank took public and will file a new case.
The lawsuit Mortgage.com, now MDCM Holdings Inc., is leaving alleges that the U.S. unit of Zurich-based Credit Suisse Group deliberately under-priced the initial stock offering in an attempt to get kickbacks from investors.
With the withdrawal of Mortgage.com, a Florida-based Internet finance company, Credit Suisse said the case should be tossed out unless a new lead plaintiff is found.
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