The $3 billion Corporate America Credit Union isn't waiting for the NCUA to seize its legacy assets: it's selling them.
The NCUA served 18 former executives and directors of U.S. Central with demand letters, alleging their breach of fiduciary duty contributed to the conserved corporate's losses.
Corporate America Credit Union won the right to advance to the discovery phase of its case against U.S. Central Federal Credit Union's former directors and executives.
Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.
U.S. District Judge Inge Johnson advanced U.S. Central Federal Credit Union's fraud securities suit into discovery phase on March 2 when she denied the so-called "director defendants" motion to dismiss.
CUNA wants a pared down corporate credit union system that requires little new capital from natural person credit unions.
U.S. District Judge Inge Johnson today denied U.S. Central Federal Credit Union director defendants their motion to dismiss the suit filed by Corporate America Credit Union.
Corporate America Credit Union won round one late Thursday afternoon in its lawsuit against U.S. Central and its accounting firm RubinBrown. U.S. District Judge Inge Prytz Johnson denied RubinBrown's two motions to dismiss the case.
At least five corporate credit unions had posted their unaudited December month-end financial statements online as of press time.
Despite alleging different crimes, the three lawsuits targeting seized corporate credit unions have one thing in common: defendants are arguing plaintiffs don't have the right to sue because the charges are so-called "derivative claims."