Barclays wins dismissal of credit union regulator's lawsuit

* Judge says lawsuit filed too late

* NCUA alleged losses on $555 mln securities

By Jonathan Stempel

July 10 (Reuters) - Barclays Plc on Wednesday wonthe dismissal of a U.S. credit union regulator's lawsuit overthe sale of more than $555 million of mortgage-backed securitiesto two failed corporate credit unions.

U.S. District Judge John Lungstrum in Kansas City, Kansassaid the National Credit Union Administration waited too long bynot filing its complaint until Sept. 25, 2012.

He said the deadline was March 20, 2012, three years afterthe NCUA had been named conservator of the U.S. Central FederalCredit Union and the Western Corporate Federal Credit Union.

The lawsuit accused Barclays and other defendants of makingmisleading statements about 12 residential mortgage-backedsecurities that the credit unions bought between October 2006and June 2007.

It is one of 10 lawsuits that the NCUA has been pursuing onbehalf of five credit unions it seized in 2009 and 2010 overlosses they suffered on $14.1 billion of mortgage-backedsecurities amid a crumbling housing market.

Wholesale credit unions suffered more pain than retailcounterparts because they had more leeway on how to invest.

"We respectfully disagree with the decision," NCUA spokesmanJohn Fairbanks said. "We will continue to vigorously pursue ourclaims against the parties that sold the faulty securities tocorporate credit unions."

Fairbanks had no immediate comment on whether the NCUA mightappeal.

In April, Lungstrum also cited a statute of limitations indismissing part of the NCUA's case against Credit Suisse GroupAG. Lungstrum affirmed that ruling on Wednesday.

Half of the securities at issue in the various lawsuits weresold by JPMorgan Chase & Co, or Bear Stearns Cos orWashington Mutual Inc, both of which JPMorgan bought in 2008.

Banks that have settled with the NCUA include Bank ofAmerica Corp, Citigroup Inc, Deutsche Bank AG and HSBC Holdings Plc .

The cases are National Credit Union Administration Board v.Barclays Capital Inc et al, U.S. District Court, District ofKansas, No. 12-02631; and National Credit Union AdministrationBoard v. Credit Suisse Securities (USA) LLC et al in the samecourt, No. 12-02648.