The U.S. Supreme Court told a federal appeals court to reconsider whether the NCUA can move forward with lawsuits against big banks the NCUA said knowingly sold bad mortgage backed securities to failed corporates.
The court on June 16 granted a writ of certiorari petition to defendant Nomura Home Equity Loan, et. al., vacating judgment and remanding the case back to the 10th Circuit Court in Denver, according to the order posted on the court's website.
At issue are the legal time limits in which plaintiffs must file such suits and similar limits under which defendants are forced to answer legal claims. The bank defendants have claimed those windows expired before the NCUA filed suit, citing the dates corporates purchased the mortgage backed securities as when the clock began ticking. The NCUA has argued the window began when it seized failed corporates in 2009 and 2010.
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