Credit union association sues Goldman Sachs

The Credit Union Times reported today that the NCUA filed a lawsuit today against Goldman Sachs seeking damages of more than $491 million and alleges the investment bank misrepresented its products when it sold mortgage-back securities to U.S. Central and Western Corporate federal credit unions.

According to the briefing that was filed in Las Angles, NCUA filed the suit because the misrepresentations caused U.S. Central and Western Corporate to believe the loss of risk associated with the investment was minimal.

NCUA Suing Goldman Sachs to Recover Corporate CU Losses

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