July 6 Set for Hearing in DFCU Financial Case

DETROIT – Attorneys for the $1.8 billion DFCU Financial and for two members who are suing to force the CU to hold a special meeting at which board members could be removed are scheduled to meet in front of Judge Lawrence Zatfcoff in the U.S. Courthouse in Port Huron, Michigan, on July 6. The hearing scheduled is a preliminary injunction hearing in the case. As of the afternoon of June 9, the CU had yet to answer its members’ complaints in court documents. The CU faces a suit brought by two of its members, Richard Sly and Raymond Ward, which seeks an injunction forcing it to schedule and hold the special meeting, to provide all documents and presentations related to the withdrawn application to become a mutual bank, and to refrain from using credit union resources or credit union employees during business hours to campaign against the attempt to remove the board members. The credit union initially applied to become a mutual bank in mid-December 2005 and withdrew the application on May 10, 2006 without having let the voting on whether or not to change its charter conclude. The CU has until June 15 to respond to the members’ complaint. As of press time, the court has not made the CU’s response available.