Thursday, April 14, 2016

NCUA Will Receive $50.3 Million from Credit Suisse

Credit Suisse will pay the National Credit Union Administration (NCUA) $50.3 million in damages and interest for claims arising from losses to Members United and Southwest corporate credit unions related to purchases of residential mortgage-backed securities.

In March, NCUA accepted Credit Suisse’s offer of judgment of $29 million in damages. With the addition of prejudgment interest determined by the Court, the amount to be paid by Credit Suisse increased to $50.3 million. Credit Suisse will also be liable for attorneys’ fees and expenses in an amount to be determined.

Read the press release.
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