The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as...

|By:, SA News Editor

The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure.