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There was more legal fallout, albeit indirect, from the Central States Mortgage Co. bankruptcy this week relating to a breach of contract claim against one of the Wisconsin credit union investors.

“It’s really just a frivolous suit without any merit whatsoever,” declared Steve Wesson, president/CEO of the defendant Guardian CU of West Milwaukee, accused of violating a management pact and “retention bonus” deal relating to the planned merger and CUSO formation by another Central States investor, the $190 million Prime Financial CU of Cudahy.

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