Goldman Sachs Sued Over Mortgage Securities by Credit Unions
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Goldman Sachs Group Inc. was accused by the National Credit Union Administration in a lawsuit of violating federal and state laws in the sale of mortgage-backed securities to now-failed corporate credit unions.
The NCUA said in a statement that it seeks damages of more than $491 million from Goldman Sachs. The complaint, filed yesterday in federal court in Los Angeles, is the fourth case aimed at recovering almost $2 billion from “sellers and underwriters of questionable securities,” the NCUA said. The agency said it expects to file five to 10 such cases.