A suit filed by Space Coast Credit Union against several Wall Street banks and ratings agencies over claims it lost more than $100 million from collateralized debt obligations that were sold to Eastern Financial Florida Credit Union, was recently put on hold.
The U.S. District Court for the Southern District of Florida said this week it would need more time to review the banks' and rating agencies' motion for dismissal.
Among the banks named in the Space Coast suit were Wells Fargo Securities, formerly known as Wachovia Capital Markets, J.P. Morgan Securities, formerly known as Bearn Stearns & Co. Inc., Merrill Lynch and its subsidiary, Merrill Lynch Home Loans, UBS Securities, and Barclay's Capital Inc. Other defendants named were Richard S. Fuld Jr., former chairman/CEO of Lehman Brothers, and Moody's Investors Service Inc.
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