Filed too late – that was why U.S. District Court Judge John W.Lungstrum in Kansas City, Kan., said he dismissed NCUA's suitagainst a Barclay's investment banking group.
|The NCUA had filed the suit – triggered by a Barclay's sale of some $555 million insecurities to failed corporate credit unions WesCorp and U.S.Central in 2006 and 2007 – in September 2012.
|In his ruling Lungstrum said the regulator, to comply with thestatute of limitation, needed to have filed by March 20, 2012,which is three years after the NCUA conserved the twocorporates.
|Lungstrum earlier had thrown out some litigation against Credit Suisse, citing the same statute oflimitation concerns.
|NCUA spokesman John Fairbanks commented in an email: “Werespectfully disagree with the rulings, and we are reviewing them.We will continue to vigorously pursue our claims against theparties who sold the faulty securities to the corporate creditunions.”
|It is unclear how the ruling may impact other, pending NCUAlitigation – also triggered by the corporates meltdown –against JP MorganChase, Goldman Sachs and other major investmentbanks.
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