In the latest update involving AEA Federal Credit Union, a judge has rejected claims from a real estate developer that the NCUA-conserved cooperative is still responsible for funding his projects.
Todd Burch was seeking $34 million against the Yuma, Ariz.-based AEA for alleged breach of contract, claiming that the credit union severed his line of credit and filed suit against him to collect on his loan, the Yuma Sun reported in a March 15 article. Burch's debt is an estimated $17.5 million.
On March 6, U.S. District Court Judge Frederick Martone rejected Burch's move to block the NCUA from selling off his projects, according to the Yuma Sun.
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