Link

National Credit Union Wins Bid to Pursue MBS Claims Against the Big Banks

National Credit Union Wins Bid to Pursue MBS Claims Against the Big Banks

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.

NCUA has filed similar lawsuits against units of Goldman Sachs Group Inc. (GS)JPMorgan Chase & Co. (JPM) and other banks. RBS Securities is a unit of Royal Bank of Scotland Group Plc. (RBS)

 

Here is the court document: http://stopforeclosurefraud.com/wp-content/uploads/2013/08/12-3295.pdf

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s