The U.S. Supreme Court told a lower court to take another look at a ruling that let the National Credit Union Administration sue a group of banks for allegedly deceiving investors about mortgage-backed securities.
JPMorgan Chase & Co. failed to persuade a U.S. judge to entirely dismiss three different lawsuits over alleged misrepresentations made in the sales of mortgage-backed securities to credit unions that later failed.
The location of the National Credit Union Administration suits its place in the hierarchy of U.S. financial regulators. Unlike its better-known peers, which are all clustered near the Capitol or the White House, the agency is a 20-minute drive from downtown Washington in good traffic.
JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates.
JPMorgan Chase & Co. was sued for alleged securities fraud in its role as successor of Washington Mutual Bank by the National Credit Union Administration board, the liquidator of three failed federal credit unions.
Goldman Sachs Group Inc. was accused by the National Credit Union Administration in a lawsuit of violating federal and state laws in the sale of mortgage-backed securities to now-failed corporate credit unions.
The National Credit Union Administration board sued a J.P. Morgan Chase & Co. unit claiming Bear Stearns & Co., which it acquired in 2008, used misleading documents in selling $3.6 billion in mortgage-backed securities to four credit unions that later failed.
The mortgage-bond market that David Tesher had described as “a wildly spinning top” was about to tumble when he convened a meeting at Standard & Poor’s Water Street headquarters in New York in March 2007.