Bad Timing Dooms Barclays $550M RMBS Suit

Law360, New York (July 10, 2013, 8:54 PM EDT) -- A Kansas federal judge on Wednesday dismissed a lawsuit against Barclays Capital Inc. over National Credit Union Administration allegations that the bank misrepresented the quality of more than $555 million in residential mortgage-backed securities sold to two defunct credit unions, finding the case was filed too late.

U.S. District Judge John Lungstrum tossed the complaint after finding that the NCUA didn’t file its lawsuit against Barclays until six months beyond the statutory three-year deadline because it and Barclays had reached a tolling agreement, a common deal made...
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