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CUNA Mutual Files Six Lawsuits Against Banks Over RMBS

Monday, August 19, 2013 - 8:48 AM
CUNA Mutual Group has filed six lawsuits in a federal court in Madison, Wis.,  against banks over losses from residential mortgage-backed securities (RMBS) sold to it prior to the 2007 financial crisis. It is seeking rescission of the purchase of the certificates it bought.
The suits were filed Thursday in the U.S. District Court for the Western District of Wisconsin against Morgan Stanley ($23 million); Bank of America/Merrill Lynch ($121 million); J.P. Morgan (Bear Stearns, Wamu, JP Morgan Chase) ($116 million); Nomura Securities ($8 million); UBS ($6 million); and Goldman Sachs ($12 million).
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