Deutsche Bank, Citi Pay NCUA $165M Over Soured MBS

Law360, New York (November 14, 2011, 5:16 PM EST) -- Deutsche Bank AG and Citigroup Inc. agreed Monday to pay a combined $165.5 million to settle potential claims by the National Credit Union Administration over the sale of mortgage-backed securities and offset costs associated with the failure of several credit unions.

The settlement proceeds — $145 million from Deutsche Bank and $20.5 million from Citigroup — are the first funds received in the NCUA's litigation blitz that the agency hopes will help reduce the burden on credit unions, which have had to collectively pay for the...
To view the full article, register now.