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NCUA Suits See Action
Monday, February 29, 2016 6:45 AM

The National Credit Union Administration on Friday said it has accepted a $33 million "offer of judgment" from UBS AG in the agency's case against the Swiss global financial services company related to the alleged sale of faulty securities that caused the collapse of five corporate credit unions.

The final amount of the total judgment has yet to be determined because it includes prejudgment interest to be determined by the court. The NCUA said that amount will be "substantial."

The NCUA has already recovered around $2.45 billion through its residential mortgage-backed securities lawsuits and this, once final, would add at least $33 million to that sum.

Also on Friday on the lawsuit front, U.S. District Judge Katherine Forrest in Manhattan dismissed most of an NCUA lawsuit against Bank of America Corp and US Bancorp. That suit, brought in December 2014, alleged a breach of various contractual, statutory, and common law duties by the bank in connection with 98 trusts that issued RMBS.

The NCUA told CUNA's News Now Friday it is reviewing the decision.