Louisiana Corporate Credit Union has emerged victorious from a decade-long suit involving the liquidation of National Century Financial Enterprises, announcing Tuesday it has agreed to a $600,000 settlement with Credit Suisse, the last remaining defendant in the securities fraud case.
"This settlement for nearly $600,000 after legal fees came after years of strenuous litigation and brings the total recovery to 98% of Louisiana Corporate's original investment amount," said David Savoie, president/CEO of the $137 million LaCorp.
Savoie told Credit Union Times the windfall will roughly double LaCorp's existing retained earnings of $524,000 as of the end of February. And, to put the extra income into perspective, the Metairie, La.-based corporate's 2013 net income was $378,000. Savoie said he had budgeted for a $191,000 net profit this year, so the settlement funds are expected to increase LaCorp's 2013 income threefold.
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