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Members Sue American Partners FCU to Recover $1.3 Million Investment Loss

Nearly 30 members of American Partners Federal Credit Union claimed to have lost $3 million of their retirement savings through an investment advisor working at the credit union and 14 have filed a lawsuit against both to recover their money.

By Michelle A. Samaad | Updated on October 19, 2007

REIDSVILLE, N.C. — Nearly 30 members of American Partners Federal Credit Union claimed to have lost $3 million of their retirement savings through an investment advisor working at the credit union and 14 have filed a lawsuit against both to recover their money.

The 14 plaintiffs invested $1.3 million of their personal retirement savings through David Morgan, an investment advisor with Mariner Financial, who was provided office space and administrative assistance by American Partners, according to Brown v. American Partners FCU NO. COA06-392 filed with the North Carolina Court of Appeals on June 5.

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