In a joint settlement with the Department of Justice and other governmental plaintiffs against Goldman Sachs, the NCUA will receive $575 million, bringing its recovered claims from Wall Street firms to more than $3 billion.
The DOJ and the NCUA settled with Goldman Sachs for $5 billion, resolving two lawsuits the regulator filed against the investment firm for losses incurred as a result of purchases of faulty, mortgage-backed securities by corporate credit unions, which later failed.
"Credit unions are benefitting from an aggressive litigation strategy [the] NCUA continues to follow in order to hold responsible parties accountable," NCUA Board Chairman Debbie Matz said. "[The] NCUA remains committed to fulfilling its statutory responsibilities to protect the credit union system and to pursuing recoveries against Wall Street firms that contributed to the corporate crisis. Our goal is to minimize net losses of the corporate crisis and provide a future rebate to credit unions."
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