New York City taxis view from above. New York City taxis view from above. (Source: Shutterstock)

The $390 million Nassau Financial Federal Credit Union is suing the NCUA for nearly $1 million for allegedly breaching an agreement to settle defaulted taxi medallion loans for a mere fraction of what they were worth.

The NCUA said it plans to ask a federal judge to dismiss the lawsuit claiming the court has no authority to rule on the dispute because the breach of contract claims is subject to judicial review only under the Administrative Procedures Act. Though the East Meadows, N.Y.-based Nassau Financial filed an administrative appeal, it was disallowed by the NCUA board last November.

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