Credit Unions Knew RMBS Risks, JPMorgan Says

Law360, New York (February 20, 2013, 6:28 PM EST) -- JPMorgan Chase & Co. unit Bear Stearns & Co. on Tuesday urged a Kansas federal judge to toss the National Credit Union Administration's suit over $3.6 billion in residential mortgage-backed securities sold to four failed federal credit unions, saying the securities' risks were public knowledge at the time they were sold.

The NCUA sued Bear Stearns — which was bought by JPMorgan in 2008 in a government-brokered takeover — in December, alleging that false statements regarding the quality of loans contained in the more than 60...
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