RBS, Others Can't Nix Credit Union Agency's $1B MBS Suit

Law360, New York (September 12, 2013, 6:03 PM EDT) -- The Royal Bank of Scotland Group PLC, Wells Fargo & Co. and others on Thursday lost their bid to ax litigation brought by the National Credit Union Administration over $1 billion in mortgage-backed securities losses, as a Kansas federal judge found the suit plausibly stated claims of offering misrepresentation.

U.S. District Judge John W. Lungstrum ruled that allegations by the National Credit Union Administration Board based on a forensic analysis of 13,708 loans from six offerings support a reasonable assertion that the financial institutions that issued...
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