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RICHARDSON, Texas — In a case that appears to center around an offer from a credit union that wanted to buy a stake in a highly successful commercial lending CUSO, discussions of a bank conversion and unpaid compensation packages, three former executives with Texans Commercial Capital, LLC have filed a lawsuit against the CUSO, Texans Credit Union and its President/CEO David Addison.

In a lawsuit filed on Dec. 29, 2006, former Texans Commercial president/CEO John C. O’Shea, former senior vice president/CFO Paul J. Valdez, and former executive vice president/COO Joel B. Fox, have claims against $1.9 billion Texans CU and the CUSO for defamation, fraud and breach of contract. According to the petition obtained by Credit Union Times, the three executives were fired in August 2006 for what Addison describes as a violation of “honesty, integrity, loyalty and common sense,” the petition reads.

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