Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Barclays tells court NCUAs MBS suit filed too late
KANSAS CITY, Kan. (11/29/12)--Barclays has asked a federal court in Kansas to dismiss the National Credit Union Administration's (NCUA) lawsuit against it over $555 million in mortgage-backed securities sold by a Barclays unit to U.S. Central FCU and the Western Corporate FCU in 2006 and 2007.

NCUA's suit, filed Sept. 25 in the U.S. District Court for the District of Kansas, Kansas City, alleges that Barclays Capital Inc., BCAP LLC and Securitized Asset Backed Receivables LLC made misleading statements about the MBS that contributed to the failure of the two corporates.

Barclays' motion filed Monday with the court alleges the case should be dismissed because:

  • The court is not the proper venue for NCUA's claims;
  • NCUA's claims are barred by the statute of limitations and statue of repose, which means Barclays' is arguing NCUA did not file its lawsuit in time; and
  • NCUA did not plead any actionable misrepresentations or omissions in the offering materials.  Barclays said the offering materials accurately disclosed the risk profiles of the certificates; the NCUA didn't plead that the materials reflected misrepresentations regarding underwriting guidelines; statements about LTV ratios are non-actionable opinions; and the agency had not pleaded that owner occupancy representations were false when made.
The corporate credit unions were liquidated by NCUA in 2010.  Barclays' motion argues that federal law requires NCUA to file claims within a year after the alleged violations were, or could have been, discovered.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
15 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
21 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
21 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
23 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
23 hours ago