Federal judge George H. Wu this week delivered what could be a fatal blow to the NCUA's suits against big banks that seek to recover billions in losses suffered by corporate credit union investments in mortgage-backed securities when the jurist wrote in a preliminary ruling that the NCUA suit against RBS was out of compliance with applicable statutes of limitations.
Those statutes, said Wu, specify a three-year limit from the time of purchase of the involved securities. That dates back to 2005, in the matter at hand, which is NCUA's suit against RBS over $685 million in MBS losses suffered by the now-defunct WesCorp.
This suit was filed in July 2011.
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