The NCUA turned over 750,000 pages of documents about its handling of U.S. Central Corporate Credit Union to Corporate America Credit Union, which is suing former directors and executives of U.S. Central. As a result, Corporate America CU dropped its lawsuit against the NCUA.
"They have begun the production of the documents we requested so the suit has been withdrawn,'' Corporate America Credit Union President/CEO Thomas D. Bonds told Credit Union Times.
Corporate America CU, which is headquartered in Birmingham, Ala., filed a lawsuit against former U.S. Central FCU directors and officers alleging state and federal securities violations. As part of the discovery process, Corporate America had requested documents from the NCUA. Previously, the agency produced some documents but not all, according to the filing last week by Corporate America in the District Court of the United States for the Northern District of Alabama.
Bonds said the discovery process in their suit against former U.S. Central board members and executives is proceeding and "both sides are more aware of what happened.''
A trial date has been scheduled for August 2011.