The NCUA on Tuesday filed its ninth securities fraud lawsuit, this one in U.S. District Court inKansas against Barclay's Capital Inc.
According to an NCUA release, the suit alleges Barclay's, theU.S. subsidiary of the British financial services firm, violatedfederal and state securities laws through misrepresentations in thesale of $555 million worth of mortgage-backed securities to failedcorporate credit unions U.S. Central FCU and Western CorporateFCU.
“Trust and accountability are two cornerstones of our financialsystem,” said NCUA Board Chairman Debbie Matz. “As clearly outlinedin our complaint, Barclay's violated that trust by issuing faultydisclosures on securities underwritten by the firm.
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