{"id":5216,"date":"2011-08-23T00:00:00","date_gmt":"2011-08-23T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/08\/ncuas_sues_goldman_sachs_for_4"},"modified":"2022-04-05T15:47:26","modified_gmt":"2022-04-05T20:47:26","slug":"ncuas-sues-goldman-sachs-for-4","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ncuas-sues-goldman-sachs-for-4\/","title":{"rendered":"NCUA Sues Goldman Sachs for $491M Over $1.2B of Mortgage-Back Securities Sales That Caused Credit Unions\u2019 Failure"},"content":{"rendered":"

In its fifth MBS lawsuit seeking what is now totaling to be nearly $2 billion in compensatory damages for wholesale credit union members, the National Credit Union Administration (NCUA) wants $491 million in compensatory damages from Goldman Sachs. NCUA is accusing the financial firm of misrepresenting the MBS that were sold to member credit unions that then sustained huge losses that led to their failure.<\/p>\n

Goldman Sachs allegedly misrepresented material facts in prospectuses, marketing collaterals, and when selling the MBS. Because of this, NCUA says that the credit unions thought that the risk of loss for their investments was low.<\/p>\n

NCUA filed its securities complaint against Goldman Sachs in California district court. NCUA is serving as the liquidating agent for the corporate credit unions that failed. It has filed other securities lawsuits seeking nearly $2 billion in compensatory damages. Two of the other defendants that NCUA is suing are RBS Securities and JPMorgan. Both, and others, are accused of underestimating the risks involved with the MBS.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In its fifth MBS lawsuit seeking what is now totaling to be nearly $2 billion in compensatory damages for wholesale credit union members, the National Credit Union Administration (NCUA) wants $491 million in compensatory damages from Goldman Sachs. NCUA is accusing the financial firm of misrepresenting the MBS that were sold to member credit unions […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947,3757],"tags":[],"class_list":["post-5216","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs","category-mortgagebacked-securities"],"yoast_head":"\nNCUA Sues Goldman Sachs for $491M Over $1.2B of Mortgage-Back Securities Sales That Caused Credit Unions\u2019 Failure — Investor Lawyers Blog — August 23, 2011<\/title>\n<meta name=\"description\" content=\"In its fifth MBS lawsuit seeking what is now totaling to be nearly $2 billion in compensatory damages for wholesale credit union members, the National — August 23, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, 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