Credit union sues HSBC

HSBC building sign

The National Credit Union Administration Board filed suit against HSBC, alleging it did not fulfil trustee duties for 37 residential mortgage-backed securities trusts, the group said on Friday.

Reuters reports that the credit union group filed the suit in federal court in Alexandria, Virginia, in its role as liquidating agent for five failed corporate credit unions and on behalf of some NCUA guaranteed notes trusts.

It is seeking damages to be determined at trial.

To access the complete Reuters article hit the link below:

HSBC sued by U.S. credit union group over mortgage-backed securities

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