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NCUA Sues JP Morgan, Bear Stearns Over Securities That Helped Bring Down Credit Unions

Monday, December 17, 2012 - 5:05 PM
National Credit Union Administration today filed a $3.6 billion lawsuit against JP Morgan and Bear Stearns over conduct by the latter in selling mortgage securities that helped bring down four credit unions. 

You can see the story here.

This is the NCUA's second suit against JP Morgan over credit union union loses. In this suit, the NCUA alleges Bear Stearns, which JP Morgan took over in 2008, made misrepresentations in connection with underwriting and sale of the securities.
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