BERLIN, N.H. — Guardian Angel Credit Union has filed a class action suit to recover $4.5 million from MetaBank over claims that a bank employee took their certificates of deposit.
According to a July 1 complaint filed with the United States District Court for the District of New Hampshire, $40 million Guardian Angel CU deposited $99,000 with MetaBank on April 15, 2005. On April 17, 2006 and again in April 2007, the CU renewed the CD with the bank. On Jan. 25, 2008, MetaBank sent a letter to the CU stating that it had "recently become aware of unauthorized certificates of deposit issued under its logo and brand name." The suit said Meta Bank employee Charlene M. Pickhinke had "absconded with the [CU CD] deposit"
Attorneys for Guardian Angel have made several demands to the bank to return the money plus accrued interest, according to the suit. Randall F. Cooper, an attorney with Cooper Cargill Chant, P.A., which is representing the CU, said the firm is currently waiting on a certification order to see if the court will view the claim as a class action suit.
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"They're entitled to their money. Simple," Cooper told Credit Union Times. "There are approximately 50 members that were in that pickle."
MetaBank, a Sioux Falls, S.D-based division of Meta Financial Group in Buena Vista County, Iowa, would not comment on the suit.
"We're not able to comment because it is under investigation," said Lisa Binder with investor relations at Meta Financial Group.
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