The clock is ticking for the filing of arguments in the appealof the NCUA vs. Barclays Capital, a case that had been thrown out by U.S. District Judge John W.Lungstrum in Kansas.
|Lungstrum, in his July 9 ruling, said the regulator had filedafter the statute of limitations had run out.
|The case revolves around the sale by Barclays of some $555million in securities to failed corporate credit unions WesCorp andU.S. Central in 2006 and 2007. It is one of many cases filed byNCUA in the aftermath of the collapse of several big corporatecredit unions.
|The essence of the NCUA claim is that the securities sold byseveral banks, Barclays included, were faulty.
|Lungstrum, in dismissing the case, did not rule on that claim.His dismissal hinged entirely on the allegation of late filing, aclaim the NCUA has disputed.
|That led to NCUA's going to the 10th Circuit Court of Appealwhere now a deadline of Aug, 28 has been set for the filing ofopening briefs in the Denver court.
|NCUA spokesperson John Fairbanks indicated via email that the regulator had nocomment.
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