The blockbuster credit union trial of the summer won't happen.
That is the news out of Birmingham, Ala., as word circulated that a suit filed by Corporate America against a roster of prominent credit union executives who had been officers and directors of failed U.S. Central has been settled days before the scheduled Aug. 1 start date.
Corporate America Credit Union v. Herbst et al – which named as defendants now-CUNA CEO Bill Cheney, former WesCorp CEO Robert Siravo, former Members United CEO Joseph Herbst and more – was filed over Corporate America's allegation that the December 2008 conversion of some $450 million in member capital shares into Tier One capital resulted in wiping out hundreds of millions of dollars' worth of capital.
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
Already have an account? Sign In Now
© 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.
