Final arbitration award documents obtained by Credit Union Times reveal a legal dispute between Ken Burns and the billion-dollar Tech CU, where he formerly served in the corner office.
The $1.7 billion Tech Credit Union filed the complaint against Burns over the circumstances surrounding his 2009 transition to the CEO position at the $3.9 billion Patelco Credit Union of Pleasanton, Calif. Patelco and Burns announced mid-March that Burns would be leaving Patelco this summer to seek new challenges.
According to arbitration documents filed with the American Arbitration Association Employment Arbitration Tribunal from 2011, Burns was ordered to pay more than $466,000 in damages and an additional $28,000 in legal fees to Tech CU to settle the San Jose, Calif. credit union's claims against him, which include breach of fiduciary duty and fraudulent concealment.
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