The National Credit Union Administration (NCUA) has sued UBS (UBS) for misrepresentations when...

|About: UBS Group AG (UBS)|By:, SA News Editor

The National Credit Union Administration (NCUA) has sued UBS (UBS) for misrepresentations when selling over $1.1B of mortgage bonds to credit unions U.S. Central Federal and WesCorp, both of which later failed. The unions "were not aware of the untrue statements or omissions of material facts" in offering documents and thought their risk was minimal, when in fact it was rather substantial.