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INDIANAPOLIS — After a nearly three-year battle between the former Jet Credit Union and John V. Loudermilk, its former CEO, a judge has ordered the credit union to pay $3.4 million for illegally freezing the executive’s accounts.

The case goes back to August 2003 shortly after Loudermilk retired after 43 years from Jet CU, which has since merged with Credit Union 1 in Rantoul, Ill. Jet filed suit against Loudermilk for “conversion, unjust enrichment and breaching his fiduciary responsibility to the credit union” seeking $3 million in alleged defaulted loans and the amending of his retirement package. Jet then froze Loudermilk’s accounts in October 2003 until Judge Thomas Carroll ordered them to be released in May 2004. Loudermilk filed a counterclaim against the CU alleging criminal conversion.

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