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News Now

CU System
NCUA Files Appeal In Goldman Sachs RMBS Lawsuit
LOS ANGELES (7/26/13)--The National Credit Union Administration filed a notice of appeal Monday in its lawsuit against Goldman Sachs over residential mortgage-backed securities (RMBS) in the U.S. District Court for the Central District of California-Western Division in Los Angeles.    
 
A federal judge in Los Angeles July 12 ruled NCUA waited too long before filing some of its claims against Goldman Sachs over $491 million in losses from RMBS sold to U.S. Central FCU and Western Corporate FCU, which no longer exist (News Now July 16).
 
U.S. District Judge George Wu granted NCUA's request for an interlocutory appeal, or an appeal on certain issues while other aspects of the case are still pending. This sends the case to the Ninth Circuit Court of Appeals on the question of whether NCUA's federal claims are time-barred, or whether an "extender statute" applies that NCUA argues would make the claims still valid. Judge Wu's decision did not dismiss NCUA's state-based claims, which will still move forward.
 
NCUA and Goldman continue to dispute the scope of the appeal and what happens to the remaining claims in the district court while the case is on appeal. NCUA and Goldman have both filed papers with Judge Wu this week regarding these issues. 
 
In the suit, the agency noted that U.S. Central and WesCorp purchased 21 RMBS from Goldman Sachs, which also acted as the underwriter (News Now July 16).
 
The Tenth Circuit Court of Appeals in Kansas also is reviewing the time-barred issues in a separate suit NCUA filed against RBS Securities.


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