Credit Unions' $629M Suit Over MBS Teeters On Loss

Law360, Los Angeles (January 30, 2012, 7:32 PM EST) -- A California federal judge told U.S. credit regulators Monday that he plans to dismiss their $629 million lawsuit accusing RBS Securities Inc. and others of misleading investors over the riskiness of mortgage-backed securities sold to Western Corporate Federal Credit Union.

U.S. District Judge George H. Wu told attorneys for the National Credit Union Administration Board on Monday that additional briefing hadn’t convinced him he’d erred in a Dec. 19 tentative ruling that found that the NCUAB’s complaint failed to show that RBS, Indymac MBS Inc., Wachovia...
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