U.S. District Judge Inge Johnson advanced U.S. Central Federal Credit Union's fraud securities suit into discovery phase on March 2 when she denied the so-called "director defendants" motion to dismiss. In denying the motion, Judge Johnson wrote the case involves "complex factual issues that are more appropriately addressed in motions for a summary judgment." On Feb. 25, she denied a separate motion to dismiss filed by U.S. Central's accounting firm RubinBrown LLP.
The judicial order means plaintiff Corporate America Credit Union and defendants may now request documents and other evidence from each other to build their case, using the power of subpoena if necessary.
Corporate America President/CEO Thomas Bonds said he was pleased with the decision, and looked forward to discovery phase.
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