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Texans CU CUSO Receives $40 Million in CRE Suit

Credit Union Liquidity Services LLC, previously known as Texans Commercial Capital, has been awarded more than $40 million in a suit involving a defaulted Illinois property loan, according to Texans Credit Union.

By Michelle A. Samaad | Updated on February 01, 2010

Credit Union Liquidity Services LLC, previously known as Texans Commercial Capital, has been awarded more than $40 million in a suit involving a defaulted Illinois property loan, according to Texans Credit Union.

The $1.5 billion CU said the $40 million will be repaid by four Dallas real estate investors who had guaranteed CULS’ loan for the redevelopment of the Lincoln Mall project in Cook County, Ill. When the loan went into default, CULS demanded that the guarantors honor their obligations. Litigation soon followed with the guarantors alleging that CULS, Texans and a number of officers and directors associated with both CULS and Texans were guilty, among other things, of breach of contract and orchestrating “a loan Ponzi scheme,” Texans said.

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