X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In a sweeping order that delays proceedings on eight pending NCUA lawsuits against Wall Street banks over mortgage backed securities sold to failed corporate credit unions, U.S. District Judge John W. Lungstrum said April 29 that he will wait for the result of a related appeals court ruling, citing concerns about the time and expense of litigation.

“The Tenth Circuit’s opinion (applied to each of these cases) could result in the dismissal of all claims with respect to a number of certificates, including the dismissal of all claims against certain defendants,” the Kansas City, Kan.-based Lungstrum wrote in reference to the U.S. Court of Appeals for the Tenth Circuit. That appellate court is scheduled to hear oral arguments on two other NCUA securities suits in Denver on May 8.

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.