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Court dismisses NCUA suit against Goldman Sachs

resized_NCUA_SEALA federal district court dismissed last week a lawsuit brought by the National Credit Union Administration against Goldman Sachs, saying the agency waited too long to file the lawsuit.

In the suit, the NCUA alleges losses of more than $491 million on 21 residential mortgage-backed securities sold to the now-defunct U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.

Similar to another NCUA suit brought against Barclays and Credit Suisse that was dismissed in July, Judge George Wu said the NCUA’s claims were time barred.

Wu did, however, approve the agency’s request for appeal, saying the time-barred issue has “generated a substantial degree of disagreement” and was essential to the case, according to Credit Union Times.

The NCUA is still awaiting rulings in cases against other major investment banks, including JPMorgan Chase.

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