In a $100 million lawsuit from Space Coast Credit Union against several Wall Street banks and credit rating agencies, a federal judge has ordered the parties to get together at a nonbinding mediation session.
More than a week after Space Coast Credit Union announced its mortgage securities lawsuit against several Wall Street banks, a judge ordered mediation.
The $3 billion Space Coast Credit Union recently filed suit against Merrill Lynch, Wachovia Capital, Barclays Capital, Lehman Brothers’ former CEO Richard Fuld and major U.S. credit rating agencies, Standard & Poor’s and Moody’s, alleging that the defendants caused more than $100 million in losses to Eastern Financial Florida...
Doug Samuels, president/CEO of Space Coast Credit Union, knows its mortgage securities suit against several Wall Street giants may be an arduous undertaking.
Florida CU names Wells Fargo, J.P. Morgan, Merrill Lynch and others for creating phony demand for residential mortgage loans.
The Tampa Bay market in Florida is such prime territory for MIDFLORIDA Credit Union that the cooperative is on a mission to build its presence there.
A merger by another name?
At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.
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.