It's not just the NCUA that is seeking to streamline the way itdoes business – U.S. District Judge Julie Robinson in Kansas hasstreamlined NCUA suits against Wall Street firms that sold losing securities toU.S. Central Federal Credit Union and Western Corporate FederalCredit Union.
|Robinson granted June 1 a motion by defendant Wachovia Capital Markets that two lawsuits filed by the NCUA,which both include Wachovia as defendants, be consolidated forpurposes of pretrial proceedings and trial.
|“It is clear to this court that these cases contain commonquestions of face and law, and that consolidation would serve theinterest of judicial efficiency,” Robinson wrote in courtdocuments.
|The judge also noted that in both cases, the defendants areclaiming the same legal arguments for motions to dismiss, includingwhether the NCUA's claims are barred by the statute of repose andstatute of limitations.
|The consolidation does not include another suit against J.P. Morgan that alleges Securities Act violations inconnection with investments purchased by U.S. Central, WesCorp,Members United Corporate Federal Credit Union and SouthwestCorporate Federal Credit Union.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
