Bank of America Will Pay $165 Million to Settle Securities Complaints
The National Credit Union Administration announced in a news release (4/2/13) that it had obtained more than $335 million in legal settlements related to mortgage-backed securities …
Before settlements can be finalized, however, they must be approved by a judge, and not all settlements have impressed the judges …
The judges were reportedly upset that the banks and financial firms got away without admitting guilt, that there was a lack of clear reasoning for the settlement amounts and that the penalties were inadequate. One judge rejected the proposed settlement, worried that the company’s shareholders would be on the hook to pay the settlement, rather than the executives involved in the legal action.
Thousands upon thousands of Americans have recently moved their money to credit unions to escape the escalating underhandedness of big banks, and to keep money circulating within their communities.
That escape must be complete, with circulation in no way compromised: the National Credit Union Administration must make judges happy by settling only with admissions of guilt in mortgage-backed securities frauds, as well full recovery of losses, plus damages.
Please circulate this post … let credit unions know that members are watching, and know that there well may be future actions on their behalf against Wachovia, Washington Mutual and Bear Sterns, and expect to hear news of judges smiling when guilt is admitted and full recovery is made.