Corporate America Sues the NCUA

Corporate America Credit Union filed suit against the NCUA in an effort to obtain information it is seeking in pursuing its lawsuit against U.S. Central.

In October 2009, Corporate America filed a lawsuit against former U.S. Central FCU directors and officers alleging state and federal securities violations. The corporate did not sue U.S. Central because it had been conserved by the federal regulator.

As a part of the discovery process, Corporate America requested documents from U.S. Central, but U.S. Central did not comply with the subpoena, stating the documents were in the possession of the NCUA. Corporate American then narrowed the scope of the subpoena and issued a written request to the NCUA. The agency produced some documents but not all, according to the filing in the District Court of the United States for the Northern District of Alabama.

Corporate America requested slight modifications to the information Aug. 3, and more than three months later has not received response from the NCUA, the filing alleged. The corporate also claimed that it learned the agency produced more than 750,000 pages of documents to the counsel of the director and officer defendants in the Corporate America litigation against the former directors and officers of U.S. Central. Corporate America also said it had not received response from the NCUA after requesting reciprocal treatment.