The NCUA sued investment bank Goldman Sachs last week, seeking damages of more than $491 million and alleging misrepresentations by the firm when selling mortgage-backed securities to U.S Central and Western Corporate credit unions.
Agency adds to list of actions filed against investment banks in wake of corporate collapses.
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...
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NCUA is "just another disgruntled investor" to JP Morgan Securities, attorneys say after investment house settles with SEC.
The $3.1 billion Space Coast Credit Union has filed a suit against two investment firms over the alleged misrepresentation of a collateralized debt obligation that the cooperative said led to financial losses.
Space Coast CU is suing Barclays and State Street Securities over investment losses that led to its takeover of Eastern Financial CU.
The Wall Street Journal dropped the bombshell: “Banks Hit for Credit Union Ills,” read the headline on an article reporting that the NCUA was in talks with a bevy of Wall Street powerhouses (Goldman Sachs, Merrill Lynch, Citigroup and JPMorgan Chase) about the NCUA’s belief that Wall Street banks sold...
The NCUA has threatened to sue four investment banks if they don’t refund $50 billion from the sale of mortgage-backed securities to five corporate credit unions that the agency conserved last year, according to several sources within the credit union industry.
The NCUA has threatened to sue four investment banks if they don’t refund $50 billion from the sale of mortgage-backed securities to five corporate credit unions that the agency conserved last year, The Wall Street Journal reported today.