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NCUA Suits Up to Recover Southwest, Members United Losses

Agency action in New York federal court on same day as NCUA goes after 13 global banks in Libor price-fixing scandal.

By Heather Anderson | Updated on September 24, 2013

In addition to lawsuits filed Monday involving the Libor price-fixing scandal, the NCUA also filed nine federal lawsuits in New York the same day against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to failed corporates Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union.

The suit marks the first time the NCUA is seeking damages from losses sustained only at those two corporates; other corporate suits were filed in Kansas and California over losses at the failed U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.

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