Five people, including two senior executives, are suing a Texascredit union they retired from for discontinuing promised lifetimeretirement benefits, accusing their former employer of violatingfederal laws and fraud.

The $347 million Union Square Credit Union in Wichita Falls,Texas, however, is denying it broke federal laws or defrauded theretirees and has asked a federal judge to dismiss the case.

In a civil lawsuit filed at U.S. District Court in Dallas lastmonth, retirees Judy Hawthorne, John Christoff, Sue Moss, CharlotteFoster and Marsha Johnson alleged that Union Square CU made“multiple oral and written representations and promises” that theywould receive retirement benefits for life and that they also setaside money to fund their retirement benefits.

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