An NCUA Feb. 25 online posting mistake revealed previously confidential negotiations between disposed U.S. Central FCU Executive Vice President David Dickens, U.S. Central and the regulator.
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.
According to documents posted on the NCUA's Web site (www.ncua.gov), since removed, U.S. Central FCU withheld former executive Dave Dickens' severance during an investigation into whether his actions could have allowed him to be fired "with cause."
Almost 11 months after it was due, the NCUA has not given Congress its annual report for 2008, and several sources have said that the reason for the delay is a dispute with its auditing firm,
When Constitution Corporate Federal Credit Union released its December 2009 financials Feb. 8, reporting an inflated $25.2 million prior undivided earnings deficit, the industry wondered if the $1.3 billion corporate was under conservatorship.
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."