A $100 million collateralized debt obligations lawsuit filed by Space Coast Federal Credit Union against several Wall Street banks and ratings agencies was dismissed without prejudice by a federal court on Monday.

According to a ruling from U.S. District Judge James I. Cohn, the complaint from the $3 billion Space Coast FCU in Melbourne, Fla., had to be dismissed because it did not plead the defendants’ alleged fraud with particularity, nor did it state a plausible claim for relief.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.