One of the five top officers of the $545 million Memphis AreaTeachers Credit Union, fired last month in a management shakeup,has filed a whistleblower defamation suit.

Judy Bell, former senior vice president for administration,filed a complaint June 3 in a Memphis federal court alleging shewas let go after alerting regulators about alleged "fraud, wasteand law violations." She said she was unfairly punished and"harassed and assaulted" after she complained to state and federalregulators about the alleged violations.

The whistleblower suit, which seeks compensatory damages andsalary relief charging "wrongful and retaliatory" actions by MATCU,comes as the city's largest CU seeks to reorganize its managementstructure following an $11 million loss in 2008. CU officials haveacknowledged investment mistakes but contend the CU is in nofinancial danger.

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