Monday, May 1, 2017

UBS Settles Lawsuit with NCUA

The National Credit Union Administration (NCUA) has recovered $445 million from UBS for claims arising from losses related to purchases of residential mortgage-backed securities by U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.

The settlement covers claims asserted in 2012 by the NCUA Board as liquidating agent for U.S. Central Federal Credit Union and Western Corporate Federal Credit Union in federal district court in Kansas.

As part of the settlement, NCUA will dismiss its pending suit against UBS, which does not admit fault as part of the agreement.

Net proceeds from recoveries are used to pay claims against the five failed corporate credit unions, including those of the Temporary Corporate Credit Union Stabilization Fund.

Read the press release.
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