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December 10, 2015

NCUA to get $225M settlement from Morgan Stanley

NCUA announced today it has accepted a $225 million settlement offer from Morgan Stanley over its sale of subprime mortgage-backed securities to corporate credit unions.

The settlement resolves claims arising from losses connected to four corporate credit unions' purchases of residential mortgage-backed securities from the bank.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt responded in a statement, "NAFCU and our members thank NCUA for its aggressive litigation and recovery efforts on behalf of credit unions. We look forward to these recoveries ultimately flowing back to credit unions as soon as possible."

NAFCU supports NCUA in pursuing remedies to help make credit unions whole for the losses they incurred due to the corporates' failure, but continues to advocate a refund to credit unions as soon as the agency is able.

NCUA has filed several other similar suits in reaction to the failures of five corporate credit unions after the financial crisis, and this settlement brings the total in legal recoveries to $2.48 billion.

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