NCUA Sues Goldman (GS) Over $1.2B MBS Sale
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Goldman Sachs (NYSE: GS) shares have slipped into negative territory this afternoon following reports federal regulators have filed a lawsuit against the banking giant.
According to the WSJ, the National Credit Union Administration (NCUA) is suing Goldman, alleging the firm violated federal and state securities laws in the sale of $1.2 billion in mortgage-backed securities.
The NCUA seeks more than $491 million in damages from Goldman.
This is the fourth securities-related lawsuit filed by the NCUA in recent months.
NCUA's suit against Goldman Sachs involves purchases made by Western Corporate Federal Credit Union, also known as WesCorp, and U.S. Central Federal Credit Union, two now-defunct corporate credit unions.
Goldman shares are 3.3 percent lower this afternoon, after starting the Tuesday trading session just over 2 percent in positive territory.
According to the WSJ, the National Credit Union Administration (NCUA) is suing Goldman, alleging the firm violated federal and state securities laws in the sale of $1.2 billion in mortgage-backed securities.
The NCUA seeks more than $491 million in damages from Goldman.
This is the fourth securities-related lawsuit filed by the NCUA in recent months.
NCUA's suit against Goldman Sachs involves purchases made by Western Corporate Federal Credit Union, also known as WesCorp, and U.S. Central Federal Credit Union, two now-defunct corporate credit unions.
Goldman shares are 3.3 percent lower this afternoon, after starting the Tuesday trading session just over 2 percent in positive territory.
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