Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade BCS now with 

British lender Barclays plc (BCS: Quote,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.

Register
To receive FREE breaking news email alerts for Barclays PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.