Thursday, October 20, 2016

Corporate CU Lawsuit Legal Contingency Fees Tops $1 Billion

The National Credit Union Administration (NCUA) today disclosed that it has so far paid legal contingency fees to two law firms of $1,003,029,479.

As of Oct. 11, 2016, the NCUA Board has recovered more than $4.3 billion from its lawsuits filed over the failure of five corporate credit unions.

These legal contingency fees represent 23.2 percent of total recoveries from the lawsuits.

Read the press release.


  1. Yes this is because the ncua is a rogue agency that ignored the executive order that there will be no more "settlements".
    And the retired ABA watchdog breaks the story, not CUNA or nafcu.

  2. So that's paid to the "lead" firms. Add to that billion all the funds paid to other attorneys, advisors, consultants and brokers for the NGN program; consultants and auditors to revise the books from GAAP to government accounting to make them obtuse; interest to the UST, and on and on... Would really like to know what the total expense is so far.

    1. Good point.
      Maybe mr transparency mcwatters will insert his will on the issue.
      Oh, never mind, he said over a year ago he would but here we are...
      And wondering who he really is.

  3. McWatters is the man who knows it all. Don't believe me? Just ask him.



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