DEARBORN, Mich. — Members of the $1.8 billion DFCU Financial who opposed the credit union's previous bid to become a mutual bank have filed suit in state court to force the credit union to hold a special meeting at which some or all of the board members could be recalled.

The three plaintiffs, Richard Sly, Raymond Ward, and Margaret Blohm, are the same three that filed suit previously in federal court, which dismissed the case after the CU argued that the court did not have jurisdiction to hear it.

One of the three, Margaret Blohm, is an organizer with the members' group DFCU Members United, but the group itself is not a party to the suit.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.