The contingency legal fees paid by the NCUA for lawsuits seeking damages relating to the failed corporate credit unions are excessive and negotiations to lower them have failed, NCUA Board Chairman J. Mark McWatters conceded Wednesday.
The agency has paid more than $1 billion Korein Tillery and Kellogg, Huber, Hansen, Todd, Evans & Figel.
"Neither my fellow NCUA board member Rick Metsger nor I were involved in either vetting outside counsel or negotiating the terms of the corporate credit union related-legal services agreements," McWatters said, following a story in Politico that said the House Financial Services Committee is investigating the fees.
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