The National Credit Union Administration has sued a UBS unit for allegedly making misrepresentations in the sale of more than $1 billion in mortgage-backed securities to two credit unions that failed. The suit, filed on Thursday in Kansas federal district court, is the latest by the NCUA against financial institutions that sold mortgage-backed securities to now-defunct corporate credit unions.
Credit Union Regulator Sues UBS for Alleged Misrepresentations of Mortgage-Backed Securities
The Litigation Daily
September 7, 2012
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