The NCUA announced Thursday that it will receive $50.3 million in damages and interest from Credit Suisse.
Settling on claims arising from Members United and Southwest corporate credit union losses, the NCUA's collection amount will be higher than the $29 million it accepted in the judgment in March. In addition to the prejudgment interest settlement determined by the court, Credit Suisse will be liable for the attorney's fees, which are yet to be determined.
The claims stemmed from the corporate credit unions' purchases of residential mortgage-backed securities from Credit Suisse.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
