Kevin Curley, the former president/CEO of Texans CUSO Insurance Group, said he feels vindicated following a Texas bankruptcy court ruling in March that said he was entitled to $21 million in a wrongful termination case.
"We are delighted with the court's ruling. It is gratifying that the judge confirmed our legal positions in numerous lawsuits and arbitrations against Texans," Curley wrote in a statement to Credit Union Times. "My family fully expected Texans to honor the contracts they signed when we sold the Curley Insurance Group LLC to Texans on January 3, 2007."
On September 2009, Texans CUSO Insurance Group LLC filed for Chapter 11 bankruptcy and is in the midst of reorganizing.
"In light of the bankruptcy of Texans Insurance Group we will be vigorously pursuing our claims against Texans Credit Union and Texans CUSO Partners, the owners of Texans Insurance Group," Curley wrote. "It is high time the board make the executives responsible for these legal decisions accountable to the members of the credit union."
Alan Busch, Curley's attorney, said "It is unfortunate that the Curleys continue to wait for Texans to honor the bargain they struck on Jan. 3, 2007."
Meanwhile, Texans CU sees the $21 million judgment differently. The CU previously said it "is an unsecured claim and is not a judgment. It is an estimation of Mr. Curley's claims for purposes of allowance and voting on Texans Insurance Group's plan of reorganization."