Texans Ex-CEO David Addison Sued by NCUA
- NCUA charges former CEO with breach of duty and gross negligence.
- The agency says that Addison initiated “drastic changes” at Texans CU.
- Regulator claims that Addition hid investment risks from the CU’s board.
The NCUA filed suit late last month against David Addison, former CEO of Texans Credit Union, accusing him of breach of fiduciary duty and gross negligence that led to the $1.4 billion credit union’s April 2011 conservatorship.
Addison was recently involved in the purchase of a majority ownership of Kansas City-based credit union investment CUSO CNBS LLC, as a founder and partner of Dallas-based Aberdeen Capital Holdings, according to a Nov. 2 letter posted on the CNBS website. CNBS touted Addison’s 20-year credit union career in the letter, noting he is among several partners in Aberdeen.
However, CNBS President Brian Hague said the lawsuit will have no impact on CNBS.