MADISON, Wis. -- A lawsuit filed by several Belco Community Credit Union members over claims of retirement fund losses through CUNA Brokerage Services Inc. is without merit and is more the result of a tumultuous marketplace, CUNA Mutual Group said.

"We certainly think the suit is without merit because it's based on the fact that these people lost money in a bear market that no one could have predicted," said Maripat Blankenheim, manager of media relations at CUNA Mutual, the parent company of CUNA Brokerage.

Five Belco members are suing the credit union for allegedly breaching its fiduciary obligation by failing to disclose that it was earning commissions from CUNA Brokerage based on a compensation program the plaintiffs were enrolled in. The members are seeking $50,000 in damages, according to Rob Bleecher, their attorney.

Blankenheim said CUNA Mutual and CUNA Brokerage make decisions and give advice based on the best information available at the time, which could and does change, depending on the market.

"None of us have a crystal ball, least of all the people at the credit union and certainly not those at CBSI," she said. "That's unfortunately the hand that all of us are dealt. It's unfortunate that these folks were in the position that they were but they have no recourse coming."