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Several Wall Street banks and credit rating agencies are claiming that the former Eastern Financial Florida Credit Union knew the risks going in before investing in $100 million in collateralized debt obligations.

This is the latest update on a suit filed in February by the $3 billion Space Coast Credit Union in Melbourne, Fla., 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 they conspired to inflate allegedly toxic bonds into investment-grade securities using fraudulent credit ratings and that the investment banks dumped those inflated securities onto unsuspecting investors.

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