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An arbitration panel ruled that CASE Credit Union is entitled to $1 million from Prudential Equity Group LLC for alleged losses it suffered as a result of investing in collaterized mortgage obligations.

According to the Financial Industry Regulatory Authority award dispute resolution signed on May 14, the $180 million CASE CU alleged that its investment committee met with Mark Wickard, an agent for Prudential Equity, to discuss the Lansing, Mich.-based credit union’s portfolio. Wickard said investing in CMOs and interest-only strips was “safe and suitable,” according to CASE. The CU said that shortly after making the investments, they began to show a loss, never recovered and were sold at a loss through another broker.

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