NCUA sues Goldman Sachs for $491 million
Bank mis-sold mortgage-backed securities to credit unions, regulator says
The National Credit Union Administration (NCUA) is suing Goldman Sachs for $491 million.
The lawsuit alleges violations of federal and state securities laws, as well as misrepresentations regarding the sale of securities to the now-failed US Central and Western Corporate federal credit unions.
NCUA claims the sellers and underwriters of the questionable securities made numerous misrepresentations in the offering documents to the two corporate credit unions. This led the unions to believe the
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