RBS Wants $629M Calif. Credit Union RMBS Case Tossed

Law360, New York (October 4, 2013, 3:51 PM EDT) -- The Royal Bank of Scotland PLC on Thursday asked a federal judge in California to dismiss the federal credit union regulator's lawsuit over $629 million in mortgage-backed securities that helped lead to the failure of a major credit union.

In a motion to dismiss filed in federal district court in Los Angeles, RBS said that the National Credit Union Administration's estimation of the losses that Western Corporate Federal Credit Union, or WesCorp, suffered on the residential mortgage-backed securities at issue were in some cases inaccurate and...
To view the full article, register now.