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.


  1. 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?

    1. 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.



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