Monday, April 11, 2016
NCUA Recovers $575 Million in Goldman Sachs Settlement
The National Credit Union Administration (NCUA) recovered $575 million from Goldman Sachs $5 billion settlement with the U.S. Department of Justice over faulty mortgage-backed securities sold to failed corporate credit unions.
The settlement resolves two lawsuits filed by NCUA as liquidating agent for three corporate credit unions — U.S. Central, WesCorp and Southwest — against Goldman Sachs.
Gross recoveries from NCUA's lawsuits over faulty mortgage-backed securities sold toe five failed corporate credit unions now surpass $3 billion.
Read the press release.
The settlement resolves two lawsuits filed by NCUA as liquidating agent for three corporate credit unions — U.S. Central, WesCorp and Southwest — against Goldman Sachs.
Gross recoveries from NCUA's lawsuits over faulty mortgage-backed securities sold toe five failed corporate credit unions now surpass $3 billion.
Read the press release.
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How much are the attorneys getting?
ReplyDeleteAren't these settled and contingent?
And the fenner credit union administration, er ncua, ignored executive order and did these on a contingent basis.
Settled lawsuits puts a lot more money in attorneys hands right?
How much do they get?
I asked NCUA that question. I was told by a NCUA spokesperson that "our relationship with outside counsel is proprietary."
DeleteI have filed a Freedom of Information Act request with NCUA hoping that they would share this information.