WICHITA, Kan. – NCUA asked a federal appeals court for an expedited review of last month’s lower court ruling dismissing $550 million in claims against Barclays Capital, saying unless the ruling is overturned it could lead to the dismissal of more than $5.2 billion of claims against Wall Street banks for the failure of five corporate credit unions.

NCUA told the Tenth Circuit Court of Appeals the Barclays claims should not have been dismissed for being filed too late because Barclays, as did a half dozen other Wall Street banks, signed so-called tolling agreements agreeing to stop the clock on the statute of limitations during settlement negotiations. “The district court’s judgment rests on its legal conclusion that (Barclays) could argue that NCUA’s actions were untimely despite having entered into a tolling agreement in which they promised not to do so-an agreement into which Barclays freely entered during settlement negotiations in which it was assisted by sophisticated counsel,” wrote David Frederick, a Washington lawyer representing NCUA on its nine corporate suits.

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