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News Now

CU System
NCUA Appeals Barclays, Credit Suisse Rulings
ALEXANDRIA, Va. (7/17/13)--The National Credit Union Administration Monday filed a notice to appeal to the 10th Circuit Court of Appeals of a Kansas court's rulings in its lawsuits over residential mortgage-backed securities (RMBS) sold to corporate credit unions by Barclays Capital and Credit Suisse.
 
NCUA filed the notice with the U.S. District Court of Kansas, which on July 10 had dismissed  the Barclays case and dismissed 12 out of 20 claims against Credit Suisse.
 
That--coupled with a California court's granting NCUA an interlocutory appeal Friday of a similar case against Goldman Sachs--helps keep alive the battle of the agency to recoup millions of dollars in losses from the RMBS, which led to the liquidation of U.S. Central FCU in Kansas and the Western Corporate FCU in California.
 
The lower courts had dismissed federal claims related to whether NCUA had filed the lawsuits in time. In a number of similar lawsuits against brokers and underwriters, NCUA argued that an extender statute and a tolling agreement had lengthened the time allowed for it to file the lawsuits, but the California and Kansas courts had ruled the agency did not file certain claims in time.
 
NCUA has argued in the cases that the offering documents for the investments sold to the corporate credit unions "systematically abandoned" underwriting standards and misled the corporates into believing the investments were safer than they actually were.
 
The Tenth Circuit Court of Appeals in Kansas is also reviewing the time-barred issues in a separate suit filed against RBS Securities.


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