LOS ANGELES, Calif.—The National Credit Union Administration filed suit today in Los Angeles, seeking $685 million in damages from RBS Securities for mortgage-backed securities it sold to the failed San Dimas-based Western Corporate Federal Credit Union.
It is the third lawsuit filed by the government agency stemming from the collapse of five corporate credit unions and the second against RBS, a unit of the Royal Bank of Scotland. The agency indicated it plans to file between five and 10 lawsuits.