Company accuses RBS Securities of "inducing" it to buy certificates through false representations.
The NCUA has sued RBS Securities for $685 million, alleging that that firm misled Western Corporate FCU (WesCorp) when it sold it mortgage-backed securities.
Reactions to the $800 million in lawsuits filed June 20 by NCUA against J.P. Morgan Securities and RBS Securities over what NCUA claims were fraudulently packaged mortgage- backed securities heated up as experts debated exactly what is going on and what the litigation means to credit unions.
See you in court. After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is...
Experienced litigators in such matters retained by agency, which declines to speculate on costs.
The NCUA on Monday filed suit to recover more than $800 million from JP Morgan Securities and RBS Securities for losses from what the agency alleges were faulty securities.