The NCUA announced today it has served 18 former U.S. Central FCU directors and officers with demand letters, alleging their breach of fiduciary duty contributed to the failed corporate's losses.
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.
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.