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Space Coast Ordered to Mediation in CDO Case

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.

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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.

The $3 billion Space Coast and the five banks and two rating agencies must agree to a confidential mediation session within 14 days. If an agreement is not met the clerk of the court will appoint a mediator, according to U.S. Magistrate Judge Barry S. Seltzer in the U.S. District Court for the Southern District of Florida.

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