FULL COMPLAINTS | NCUA Sues Morgan Stanley and Eight Others over Faulty Securities

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FULL COMPLAINTS | NCUA Sues Morgan Stanley and Eight Others over Faulty Securities

FULL COMPLAINTS | NCUA Sues Morgan Stanley and Eight Others over Faulty Securities

NCUA-

The National Credit Union Administration today filed nine lawsuits in Federal District Court in New York against Morgan Stanley & Co., Inc. and eight other institutions over the sale of nearly $2.4 billion in mortgage-backed securities to Southwest and Members United corporate credit unions.

“We continue to pursue accountability and recovery in the wake of billions of dollars in sales of faulty securities that led to the collapse of several corporate credit unions and handed the industry the costly bill of paying for the losses,” NCUA Board Chairman Debbie Matz said. “All the credit unions we supervise and insure are sharing those costs. The people who are responsible should be required to shoulder that burden, as well.”

Defendants Morgan Stanley & Co., Inc. and Morgan Stanley Capital I Inc., Barclays, J.P Morgan/Bear Stearns, Credit Suisse, Royal Bank of Scotland and UBS sold faulty securities to both corporate credit unions. Goldman Sachs, Wachovia and Residential Funding Securities, LLC, now Ally Securities, sold faulty securities to Southwest. The suits make claims under either federal or state securities laws.

[NCUA]

 

COMPLAINTS BELOW:


Alley Securities

Barclays Capital

Bear, Stearns & J.P. Morgan Securities

Credit Suisse

Goldman Sachs

Morgan Stanley

RBS Securities

UBS Securities

Wachovia

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