Provider: Zacks Investment Research Inc.
U.S. Regulator Sues Royal Bank of Scotland Group PLC, Others Over Faulty Securities-Reuters
Reuters reported that a U.S. regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing. Morgan Stanley and Morgan Stanley Capital I Inc, Barclays PLC, JPMorgan Chase & Co's unit Bear Stearns, Credit Suisse Group AG, Royal Bank of Scotland Group PLC and UBS AG sold faulty securities to Southwest and Members United corporate credit unions, the National Credit Union Administration (NCUA) said in its complaint. Goldman Sachs Group Inc, Wachovia Corp, a unit of Wells Fargo & Co and Residential Funding Securities LLC, (Ally Securities), also sold faulty securities to Southwest, NCUA said.
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