The National Credit Union Administration (NCUA) said this afternoon if filed another suit against a big investment firm over the sale of MBS to failed corporate credit unions, this one naming defunct Wachovia Bank and its subsidiaries as defendants.

The suit alleges violations of federal and state securities laws and misrepresentations in the sale of securities to now-failed U.S. Central Federal Credit Union and WesCorp Federal Credit Union. The latest action was filed in U.S. District Court in Kansas, which has jurisdiction over Lenexa, Kan.-based U.S. Central. Both U.S. Central and WesCorp were taken over by NCUA in March 2009, then liquidated in 2010, with the losses for the two corporate giants projected to reach as much as $12 billion.

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