Sensitive and confidential information regarding fired U.S. Central Federal Credit Union Executive Vice President David Dickens was posted on the NCUA Web site, www.ncua.gov, today. The revealing documents were made public alongside comment letters from credit unions regarding proposed corporate regulations.
Included are the details of Dickens' separation of employment agreement, which include $762,831 package that will be paid to him by U.S. Central over a three-year period, which began March 11, 2009. The amount covers $706,992 in severance pay, equal to 18 months of Dickens' regular salary, and accrued time off and other benefits.
Also included is a Feb. 19 letter from Dickens' legal representation to NCUA Board members demanding the NCUA pay Dickens 18 month's worth of COBRA payments, additional compensation for accrued time off, and legal fees Dickens incurred when U.S. Central conducted a legal investigation to determine if Dickens had been fired "with cause."
According to Kansas City, Mo.-based law firm Lathrop & Gage, LLP, which represents Dickens, the investigation determined he was fired "without cause" and therefore, is entitled to the additional severance benefits requested in the Feb. 19 letter.
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