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Nearly 50 credit unions, municipalities and pension funds have filed suit against Iowa-based MetaBank to recover $4 million in allegedly stolen certificate of deposit funds.

According to the July 1, 2008 complaint filed by the $40 million Guardian Angel Credit Union, it deposited $99,000 with MetaBank in April 2005. The CU renewed the CD in April 2006 and April 2007. On Jan. 25, 2008, MetaBank sent a letter to Guardian Angel stating that it had recently become aware of unauthorized CDs issued under its logo and brand name. Prior to the CU, two Texas banks and a hospital also sought recovery. Charlene M. Pickhinke, a former MetaBank employee, had allegedly stolen the CD money. According to a South Dakota district court, Pickhinke pled guilty on July 9 to theft.

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