Judge Questions $629M Credit Union Suit Over MBS

Law360, Los Angeles (December 19, 2011, 7:39 PM EST) -- A California federal judge indicated Monday that U.S. credit regulators may have to rethink a $629 million lawsuit accusing RBS Securities Inc. and other entities of misleading investors over the riskiness of mortgage-backed securities sold to Western Corporate Federal Credit Union.

District Judge George H. Wu said in a tentative ruling that the National Credit Union Authority has so far failed to show in its complaint that RBS, Wachovia Mortgage Loan Trust LLC and Nomura Home Equity Loan Inc. and other related entities disregarded underwriting standards...
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