WICHITA, Kan. A federal judge yesterday agreed to delay further proceedings in eight different NCUA suits against Wall Street banks over the failure of the corporate credit unions until the U.S. Court of Appeals for the Tenth Circuit has decided whether NCUA filed the civil claims too late to satisfy the statute of limitations.
“Based on the parties’ written submissions and the arguments heard by the Court at [Monday’s] status conference, the Court concludes that a stay is appropriate in each of these cases,” wrote U.S. Judge John Lungstrum. The Appeals court ruling, noted the judge, could result in dismissal of all claims with respect to certain securities, including all claims against certain Wall Street banks. Judge Lungstrum said he will issue further orders after the appeals court issue sits ruling. Oral arguments are scheduled for the case May 8.