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News Now

CU System
Deadlines Set For Documents On NCUA Appeal Of Barclays Ruling
DENVER, Colo. (7/23/13)--The National Credit Union Administration will have until Aug. 28 to file its opening briefs with a Denver appellate court on its appeal of the dismissal of its claims against Barclays Capital, which sold residential mortgage backed securities that contributed to the collapse of U.S. Central FCU and Western Corporate FCU.

A July 16 letter from the Clerk of Court of the U.S. Court of Appeals for the Tenth Circuit to NCUA attorneys noted that the court had received and docketed NCUA's appeal and outlined deadlines for documents and briefs to be filed in the case.  Friday, the U.S. District Court for the District of Kansas certified that the record is complete for purposes of an appeal, starting a 40-day clock for NCUA's briefs under the Tenth Circuit's rules.

The agency's appeal comes after the July 10 decision by the district judge to dismiss the Barclays case, as well as 12 out of 20 claims against Credit Suisse, on the basis that the claims are time-barred (News Now July 17).  The Kansas court--as well as a California court in a similar NCUA lawsuit against brokerage firms over corporate losses due to RMBS--said an extender statute and a tolling agreement did not delay the time allowed for NCUA to file its claims.
 
The Tenth Circuit Court of Appeals is also reviewing the time-barred issues in a separate suit NCUA filed against RBS Securities.


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