United States:
NCUA Can Bring RMBS Claims Against Goldman Sachs In Federal Court
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On January 28, Judge Denise Cote of the U.S. District Court for
the Southern District of New York denied Goldman Sachs's motion
to compel arbitration for RMBS claims brought by the National
Credit Union Administration (NCUA). NCUA brought the claims as the
liquidating agent of the Southwest Corporate Federal Credit Union.
Goldman sought to compel arbitration under an agreement between
Southwest and Goldman Sachs from 1992. The court held that NCUA has
the power to repudiate contracts of a credit union in liquidation
under the terms of its enabling legislation, and exercised that
authority here. NCUA's claims under Sections 11 and 12 of the
Securities Act of 1933 and under the Texas Securities Act will
proceed in federal district court.
Order.
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