The National Credit Union Administration, the federal agency in charge of regulating and supervising credit unions, filed a $3.6 billion lawsuit today against JPMorgan Chase in federal court in Kansas. The NCUA alleges that Bear Stearns, the high-flying investment bank that JPMorgan bought with Federal Reserve assistance in 2008, violated federal and state laws by misrepresenting $3.6 billion worth of mortgage-backed securities it sold to four credit unions. All four of the credit unions subsequently became insolvent. The NCUA has filed similar suits against six other banks.
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