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

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7/10/2013 11:39 PM ET

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.

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by RTT Staff Writer

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