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.
Posted by at
Labels: , ,

2 comments:

  1. AnonymousApril 12, 2016 at 6:44 AM

    How much are the attorneys getting?
    Aren'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?

    ReplyDelete
    Replies
    1. Keith LeggettApril 12, 2016 at 7:40 AM

      I asked NCUA that question. I was told by a NCUA spokesperson that "our relationship with outside counsel is proprietary."

      I have filed a Freedom of Information Act request with NCUA hoping that they would share this information.

      Delete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.