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March 17, 2013

Court says NCUA filed claims too late

March 18, 2013 – A federal court has concluded that NCUA cannot pursue seven of its eight claims against Goldman Sachs over losses relating to mortgage-backed securities because the agency waited too long to file those claims, according to a March 15 Credit Union Journal report by Ed Roberts.

In issuing the ruling, U.S. District Judge George Wu cited the 1974 U.S. Supreme Court case American Pipe & Construction, which set a precedent for certain timelines on class action claims.

The Credit Union Journal says the ruling calls into question the validity of similar NCUA actions pending against other firms, including Barclays Capital, Credit Suisse, RBS Securities, UBS Securities, Wachovia and Bear, Stearns (also acquired by J.P. Morgan in 2008). To date, NCUA has settled claims worth more than $170 million with Citigroup, Deutsche Bank Securities and HSBC.

NCUA says recoveries will further reduce losses resulting from the failure of the corporates. Those losses are being paid by the Temporary Corporate Credit Union Stabilization Fund, and fund expenditures are being repaid through assessments on all federally insured credit unions.

A federal appeals court is also reviewing whether NCUA waited too long to file claims.

The Credit Union Journal reported that NCUA intends to continue pursuing its claims against Goldman, despite the ruling.

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