Wednesday, August 17, 2016

Appeals Court: NCUA Filed Complaint in Timely Manner

United States Court of Appeals for the Ninth Circuit reversed a lower court decision that stated the National Credit Union Administration (NCUA) had not filed its lawsuit in a timely manner.

According to the Appeals Court opinion, the Extender Statute of the Financial Institution Reform, Recovery and Enforcement Act of 1989 supplants the requirement that a lawsuit be brought with 3 years after the security was offered or sold under the Securities Act.

The decision will allow NCUA to pursue its lawsuit against Wachovia Trust and Nomura Home Equity over making false and misleading statements in their offerings of residential mortgage-backed securities purchased by the failed Western Corporate Federal Credit Union.

Read the opinion.
Posted by at
Labels: , , ,

No comments:

Post a Comment

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.