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Dalbey Attorneys Hit on 'Unjustified' Claims in Mutual Seizure

Last July's takeover of the $193 million Mutual Savings Credit Union of Birmingham, Ala. was improper and illegal based on faulty data used by the state's top regulator, an attorney representing ousted CEO Dale Dalbey said Friday.

By Jim Rubenstein | Updated on September 10, 2009

Last July’s Alabama Credit Union Administration’s takeover of the $193 million Mutual Savings Credit Union of Birmingham, Ala. was improper and illegal based on faulty data used by the state’s top regulator, an attorney representing ousted CEO Dale Dalbey said Friday.

“The conservatorship was totally unjustified based on the facts and let me say there would have been many more Alabama credit unions with far more severe problems that would have had to undergo the same fate if he had applied the same criteria,” said Victor Hayslip, a partner in Burr & Forman, a Birmingham firm.

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