REIDSVILLE, N.C. — Fourteen investors have settled lawsuits they filed three years ago against American Partners Federal Credit Union and three people connected with it, accusing them of deliberately selling risky investments to benefit themselves and the credit union, according to the Greensboro News Record.
In all, nearly 30 members of the $49 million American Partners FCU 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 filed in the North Carolina Court of Appeals on June 5, 2007.
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