NCUA Files Suit Against the Heavy Hitters
Citing the failure of five credit unions due to investments in flawed mortgage-backed securities, NCUA files suit against Morgan Stanley, Barclays, Goldman Sachs, Wachovia and Ally (then RFS), J.P Morgan/Bear Stearns, Credit Suisse, Royal Bank of Scotland and UBS. NCUA has led the charge in recoveries against securities firm. In other related news, NCUA sues various firms for LIBOR manipulation. See http://www.ncua.gov/News/Pages/NW20130923Libor.aspx. [9/24]