U.S. District Judge Lynn Adelman dismissed the $1.8 billion Corporate Central CU's case against conserved U.S. Central FCU and the NCUA.
Corporate Central filed the suit nearly one year ago after U.S. Central did not refund $6 million worth of excess membership capital accounts to the Muskegon, Wis.-based corporate and other members in December 2008. The struggling U.S. Central, seized by NCUA just three months later, had placed a moratorium on adjusting membership capital account requirements.
Adelman denied the defense's argument that she did not have supplemental jurisdiction over the case and disagreed with NCUA's argument that Corporate Central did not have standing for an equal protection claim.
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