JMFA alleged in a federal lawsuit that the $91 million First Imperial Credit Union was secretly and illegally using the consulting firm's overdraft protection solution.
The Baytown, Texas-based firm accused the El Centro, Calif.-based cooperative of breach of contract, fraud, trade secret misappropriation and unfair competition in the lawsuit filed in U.S. District Court in San Diego last week.
Fidel Gonzalez, president/CEO of FICU, said the lawsuit is bogus because when the credit union implemented its overdraft protection program in 2012, it used another company, not JMFA.
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