The financier accused both the firms in a case filed in Manhattan federal court that it had lost $180m after Credit Agricole’s Calyon section prompted it in 2006 to deposit in a CDO secretly structured by Magnetar to remove money, according to Bloomberg.
The plaintiff also accused the firm that Credit Agricole’s Calyon had to bear the financial burden if the firm had not misled and fraudulently eliminated the risk to Intesa.
"Calyon collected fees on an understanding and, by a Pyxis swap, shifted waste on a CDO that it would have differently borne itself," said Intesa.
According to Intesa, Calyon told investors that a CDO, known as Pyxis ABS CDO 2006-1, was formed on residential mortgage-backed bonds that had been comparison by an independent investment firm, Putnam Advisory Co, when an underlying security were unequivocally comparison by Magnetar.
The petitioner has also named Putnam as a suspect in the case.
Intesa has alleged that the conspiracy had been designed, developed and hatched by Magnetar and has sought for an unspecified money in its lawsuit.
Italy based Intesa was formerly known as Banca Intesa.
