Monday, October 19, 2015

Wachovia and Barclay's Capital Settle RMBS Lawsuits

The National Credit Union Administration (NCUA) is reporting that Barclay's Capital and Wachovia have agreed to resolve claims arising from losses related to purchases of faulty residential mortgage-backed securities (RMBS) by corporate credit unions.

Barclays Capital and Wachovia will pay $325 million and pay $53 million respectively to resolve these claims.

Neither institution admitted fault as part of their settlement agreements.

NCUA stated total recoveries will have reached $2.2 billion with the completion of these agreements.

Read Barclay's Capital press release.

Read Wachovia press release.
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