Deal approved nearly three years after members filed a class action suit against IBM Southeast Employees FCU for the sale of fraudulent investments.
CUNA Mutual Insurance Society, CUMIS Insurance Society and MEMBERS Life Insurance Co., have filed suit against RBS Securities Inc. claiming that the firm made false representations of its offering documents at the time that more than a dozen residential mortgage-backed securities were purchased by the three plaintiffs.
Company accuses RBS Securities of "inducing" it to buy certificates through false representations.
An attorney representing the members who filed suit against IBM Southeast Employees Federal Credit Union confirmed that a settlement had been reached regarding alleged fraudulent investments sold through a third-party broker dealer that was working with the credit union.
Nearly a year after the NCUA filed a proof of loss claim to recover alleged monetary damages connected to the collapse of St. Paul Croatian FCU, the CUMIS Insurance Society has denied it.
Agency seeking nearly $72.5 million from fidelity bond in collapse of St. Paul Croatian FCU in Cleveland.
I’m writing in response to Brian Prunty’s letter regarding CUNA Mutual’s proposed reorganization to a mutual holding company structure. [CU Times, Aug. 17, page 10.] Like Prunty, we encourage all policyholders to read through the MHC materials thoroughly. Further, we, too, believe in the benefits of mutual ownership and in...