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Yesterday's payout follows previous agreements with Citigroup, Deutsche Bank Securities, and HSBC for more than $170 million. Other Wall Street firms NCUA has pursued legal action against include J.P. Morgan Securities, UBS Securities, Washington Mutual, RBS Securities, Goldman Sachs, Wachovia, and Barclays Capital.
The lawsuits alleged violations of federal and state securities laws when firms like Bank of America sold billions in residential mortgage-backed securities that later failed to now busted corporate credit unions.
NCUA said it plans to use the monies recovered through these suits to help reduce the amount of future corporate stabilization assessments on credit unions.