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.

2 comments:

  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?

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    Replies
    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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