A securities subsidiary of JPMorgan Chase is suing the NCUA for breaching a $1.4 billion settlement agreement over toxic residential mortgage-backed securities sold to five corporate credit unions leading to their collapse and billions of dollars in losses.
Stemming from the 2013 settlement agreement, the Long Beach Securities Corp., a subsidiary of JPMorgan Chase, filed its lawsuit July 6 in U.S. District Court in Washington, D.C.
When the NCUA signed the settlement agreement with JPMorgan Chase and its subsidiary, the federal agency was pursuing claims against third parties involved in the faulty residential mortgage-backed securities.
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