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.
Agency posts list of actions against securities firms since financial crisis began.
Corporate collapse settlement totals now top $335 million, agency says. Lawyers to get $84 million. Corporate rescue assessment to be determined.
Judge says complaints lacked detail on fraud allegations against brokers but that credit union can come back with more details.
Federal court in Florida says it needs more time to review motions from banks and ratings agencies.
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.
Calling it one more bait-and-switch operator, the NCUA sues Credit Suisse Securities in the collapse of corporate credit unions.
The NCUA on Tuesday filed its ninth securities fraud lawsuit in connection with the collapse of U.S. Central and WesCorp.