The Justice Department announced criminal charges Wednesday against three former brokers at London-based brokerage firm ICAP PLC, accusing them of scheming with a senior trader at UBS AG to manipulate the London interbank offered rate.

Before a packed audience, the U.S. Court of Appeals for the Second Circuit heard arguments Monday on whether the conservator for Freddie Mac and Fannie Mae waited too long to launch its megabillions litigation campaign against banks that marketed toxic residential mortgage-backed securities.

In its biggest suit yet, the National Credit Union Administration claims Bear Stearns sold $3.6 billion in shoddy mortgage-backed securities to four failed credit unions. But just like the cases that the Federal Housing Finance Agency brought against a slew of banks, the NCUA suits are in limbo as federal appeals courts weigh whether the agencies waited too long to sue.