Latest motion says Florida credit union lacks facts, new claims in amended complaint in suit over failed CDOs.
In a sweeping order that delays proceedings on eight pending NCUA lawsuits against Wall Street banks over mortgage backed securities sold to failed corporate credit unions, U.S. District Judge John W. Lungstrum said April 29 that he will wait for the result of a related appeals court ruling, citing concerns...
Kansas City judge says he'll wait for appeals court decision on bid to dismiss claims over failed securities.
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.
Judge says complaints lacked detail on fraud allegations against brokers but that credit union can come back with more details.
At a time when more small businesses are looking for alternatives after being the shown the door by their longtime banks, one Arizona retailer recently went public with its frustrations.
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.