Kansas City judge says he'll wait for appeals court decision on bid to dismiss claims over failed securities.
Louisiana Corporate Credit Union has emerged victorious from a decade-long suit involving the liquidation of National Century Financial Enterprises. The corporate, in an announcement last week, said it has agreed to a $600,000 settlement with Credit Suisse, the last remaining defendant in the securities fraud case.
The NCUA reported April 2 that it scored a $165 million win against Wall Street, reaching a settlement with Bank of America over residential mortgage-backed securities losses at failed corporate credit unions. Bank of America did not admit fault as part of the settlement, the NCUA said in a release.
CEO David Savoie says 98% of losses recovered. Legal fees at 10% sharply lower than NCUA contingent fees.
Corporate collapse settlement totals now top $335 million, agency says. Lawyers to get $84 million. Corporate rescue assessment to be determined.
J.P. Morgan, others named in sale of $2.2 billion in failed mortgage-backed securities that led to collapse of WesCorp, U.S. Central and Southwest Corporate.
This year was a transformative year for credit unions. It was a year in which credit unions made the transition from the losses of recession to the stability and growth of recovery. During the year, the industry topped $1 trillion in assets and grew strongly to approach 94 million members.
Ninth suit filed so far by NCUA in the sale of toxic mortgage-backed securities to corporate credit unions.
The Small Business Administration has announced a new fund that will focus exclusively on providing capital to Michigan businesses.
New fund will focus exclusively on providing capital to Michigan businesses.