logo
Share SHARE
FONT-SIZE Plus   Neg

Reports: Barclays Wins Dismissal Of Credit Union Regulator's Lawsuit

British lender Barclays plc (BCS,BARC.L) on Wednesday won the dismissal of a U.S. regulator's lawsuit related to the sale of more than $555 million of mortgage-backed securities to two failed credit unions, according to media reports on Tuesday.

The Barclays unit, formerly known as Barclays Capital, was alleged to have violated state and federal laws in the sale of the securities to the two credit unions, the US Federal Credit Union and the Western Corporate Federal Credit Union, in 2006 and 2007.

The lawsuit had accused Barclays and other defendants of making misleading statements about the residential mortgage-backed securities that were sold to the two credit unions between October 2006 and June 2007.

However, U.S. District Judge John Lungstrum in Kansas City, Kansas, reportedly said that the regulator, the National Credit Union Administration or NCUA, delayed as the case was not filed until September 25, 2012.

He noted that the deadline to file the complaint was March 20, 2012, three years after the NCUA was named conservator of the two credit unions. The judge granted a defense motion to dismiss the lawsuit.

BCS closed Tuesday's trading on the NYSE at $18.06, up $0.05 or 0.28 percent on a volume of 2.34 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Yamaha Motor Co. is planning to recall multiple three-cylinder motorcycle models due to a safety issue with the lower handlebar, Asphalt & Rubber has reported. According to the report, the stud bolt threads might not have enough thread-locking agent applied to them due to the lower handlebar being improperly painted. Uber is closing its ride-hailing services in Denmark next month, citing upcoming changes in regulations that would make its app unworkable for consumers. The San Francisco-based company said in a blog post that it will close its services on April 18, 2017, as the new laws currently being proposed in Denmark will not allow drivers to use their privately owned cars for ride sharing. Breitbart News' request for permanent congressional press passes was denied on Monday, citing concerns about the website's links to the White House and the Republican mega-donor family the Mercers. The U.S. Senate Daily Press Gallery, comprised of a group of five reporters, denied the Capitol Hill press credentials saying members were not satisfied with the given information about its connections.
comments powered by Disqus
Follow RTT