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Reuters: Credit Suisse Faces Narrowed U.S. CU Regulator Lawsuit
Thursday, April 11, 2013 6:55 AM

A federal judge has narrowed a U.S. credit union regulator's lawsuit against Credit Suisse Group AG over the sale of $715.5 million of mortgage-backed securities to failed corporate credit unions.

Monday's decision by U.S. District Judge John Lungstrum in Kansas City, Kansas, nonetheless allows the National Credit Union Administration (NCUA) to pursue close to half its case against the Swiss bank.

It suggests that the regulator may be able to recover considerably more than the $335.8 million it has already obtained in settlements with four major banks.

The NCUA is pursuing 10 lawsuits on behalf of five credit unions it seized in 2009 and 2010 over losses they suffered on $14.1 billion of mortgage-backed securities amid a crumbling housing market.

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