The National Credit Union Administration (NCUA) late this week filed suit against UBS claiming securities fraud in the sale of $1.1 billion of MBS sold to U.S. Central Federal Credit Union and WesCorp Federal Credit Union.

The suit is the latest of a half-dozen brought by NCUA for the 2009 failures of the two corporate credit union giants, which are projected to cost the agency and the credit union system up to $12 billion to resolve.

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