Credit Union's $78M Claims Against ResCap OK'd By Judge

Law360, New York (November 27, 2013, 3:24 PM EST) -- A New York bankruptcy judge on Tuesday approved a deal between bankrupt Residential Capital LLC and the National Credit Union Administration Board that will see NCUAB's general unsecured claims slashed from over $290 million to $78 million.

U.S. Bankruptcy Judge Martin Glenn signed off on the settlement agreement between ResCap and the NCUAB, which is serving as liquidating agent for the Western Corporate Federal Credit Union and U.S. Central Federal Credit Union.

NCUAB had filed a complaint against ResCap blaming the credit unions' downfalls on the...
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