Partner Lawrence Remmel Interviewed About Recent NCUA Suits Against J.P. Morgan and RBS
Partner Lawrence Remmel, Chair of Pryor Cashman’s Banking and Finance Group, was interviewed by Credit Union Times for its June 29, 2011 article “NCUA Suit Seeks Bank Payback on Corporate MBS.” The article discusses the reaction to the $800 million in lawsuits filed June 20, 2011 by the National Credit Union Administration against J.P. Morgan Securities and RBS Securities over what NCUA claims were fraudulently packaged mortgage-backed securities. Remmel told Credit Union Times that he had heard that as many as 15 banks might be sued by the NCUA.
While many are praising the lawsuits, some believe that NCUA will settle rather than go through lengthy litigation. Remmel agrees, stating that the "NCUA has clearly signaled it wants to settle" rather than see the cases through to trial.
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