Bear Stearns Sued Over Misstatements Made In Sale Of Mortgage-Backed Securities

Bear Stearns Sued Over Misstatements Made In Sale Of Mortgage-Backed Securities

NEW YORK - The National Credit Union Administration (NCUA) filed a securities lawsuit against Bear, Stearns & Co. Inc. and one of its subsidiaries on Sept. 23, alleging that the defendants misrepresented the investment quality of residential mortgage-backed securities (RMBS) it sold to the credit unions in violation of state and federal securities law (National Credit Union Administration v. Bear, Stearns & Co. Inc., et al., No. 13-6707, S.D. N.Y.).

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