JPMorgan must face lawsuits over failed credit unions: judge

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JPMorgan must face lawsuits over failed credit unions: judge

JPMorgan must face lawsuits over failed credit unions: judge

NCUA=WINNING!

 

Reuters-

A U.S. regulator may proceed with parts of three lawsuits against JPMorgan Chase & Co to recover losses that now-defunct credit unions suffered on billions of dollars of residential mortgage-backed securities, a federal judge in Kansas has ruled.

U.S. District Judge John Lungstrum said the National Credit Union Administration may pursue civil claims that the largest U.S. bank and two companies it bought, Bear Stearns Cos and Washington Mutual Inc, misrepresented the quality of dozens of securities sold to four credit unions in 2006 and 2007.

In a separate decision on Tuesday, the Kansas City-based judge also let the regulator pursue part of a lawsuit against Swiss bank UBS AG over securities sales to two of the credit unions.

The NCUA is pursuing 11 lawsuits as the conservator of five corporate credit unions that suffered losses in the U.S. housing crisis after buying more than $14 billion of mortgage securities.

[REUTERS]

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