DALLAS — Richard M. Boyd, the real estate investor who bought the majority share of Texans Commercial Capital in 2007, has filed a suit against Texans Credit Union to recoup between $5 million-$10 million for allegedly breaching a contract involving branch leases.

According to Michael Lynn, an attorney with Lynn Tillotson Pinker & Cox LLP and the petition filed on Oct. 8, Boyd had taken out a loan and borrowed money from $1.8 billion Texans CU to purchase property and build two branches for the CU. Lynn said Texans CU agreed to lease the properties for the financial institution's use. The allegation, according to Lynn, is that the CU “failed to live up to their side of the bargain.” As a result, Boyd incurred the cost of the debt. Lynn said Boyd is seeking between $5 million-$10 million dollars. The CU has not responded to a request for comment.

Texans retained a minority interest in Texans Commercial and retained 100% ownership of the preexisting loans, Matt Davis, executive vice president at the credit union previously told Credit Union Times. According to Boyd's petition, the CUSO is now known as Credit Union Liquidity Services LLC.

Lynn said tomorrow he will also move forward with a cross-claim for an indemnity between Boyd and Texans CU.

Legal woes continue to pile up for Texans CU. Attorneys for Kevin Curley, the former president of Texans Insurance Group who was terminated in April 2007, filed a new legal action yesterday against the CUSO and the CU for violating an arbitration ruling that was supposed to reinstate Curley. The CU has not yet responded to this filing.