NCUA headquarters, Washington, D.C. NCUA headquarters, Washington, D.C.

A federal judge ordered the dismissal of an NCUA lawsuit that alleged CUMIS Insurance Society failed to pay a $4.7 million insurance claim of documented losses caused by the convicted CEO of Melrose Credit Union.

Court records showed the federal agency and CUMIS agreed earlier this month to dismiss the lawsuit with prejudice and each party pay its own court costs. Dismiss with prejudice means the NCUA is prohibited from filing the same lawsuit in a federal court. However, court records did not indicate whether the NCUA and CUMIS agreed to an out-of-court settlement.

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Peter Strozniak

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