The National Credit Union Administration won an appeals court ruling letting it pursue claims against big banks for allegedly making misleading statements to market mortgage-backed securities.
The U.S. Court of Appeals in Denver today unanimously affirmed a lower-court ruling that the NCUA can rely on an “extender statute” giving it more time to file the lawsuits lenders said were filed too late.
That “serves the statute’s purpose by providing NCUA sufficient time to investigate and file all potential claims once it assumes control of a failed credit union,” the three-judge panel said.
The ruling resolves an appeal by RBS Securities Inc. that prompted a Kansas City, Kansas, trial court judge this year to halt most progress on several related cases until the issue was decided.
Here is the court document: http://stopforeclosurefraud.com/wp-content/uploads/2013/08/12-3295.pdf