Resolved portion dates back to 2012.
Latest motion says Florida credit union lacks facts, new claims in amended complaint in suit over failed CDOs.
Judge says complaints lacked detail on fraud allegations against brokers but that credit union can come back with more details.
Federal court in Florida says it needs more time to review motions from banks and ratings agencies.
Sure, there are challenges, but overall, this may be a great time to be a credit union marketer.
Four years ago, our nation was thrown into the deepest economic morass since the Great Depression. No question, the situation was dire. People lost their jobs and their homes. Banks and companies closed. Government officials scrambled to help bolster our fragile economy.
A loan participation suit filed two years ago against the defunct Eastern Financial Florida Credit Union to recoup millions in losses will not include Space Coast Credit Union, a federal court recently ruled.
Federal court says not enough merit to proceed in case over participation loan losses.
Several Wall Street banks and credit rating agencies are claiming that the former Eastern Financial Florida Credit Union knew the risks going in before investing in $100 million in collateralized debt obligations.
The risks tied to collateralized debt obligations remains the focal point of Space Coast Credit Union’s lawsuit against Wall Street banks and credit raters.