A loan participation suit filed two years ago against the defunct Eastern Financial Florida Credit Union to recoup millions in losses will not include Space Coast Credit Union, a federal court recently ruled.
The $3 billion Space Coast in Melbourne, Fla., which acquired the troubled EFFCU in June 2009, taking on the cooperative's financial woes, is no longer a defendant in the suit, Meredith Gibson, a SCCU credit union spokeswoman, confirmed with Credit Union Times.
In the July 3 ruling, the court said that the case against SCCU did not have enough merit to proceed, Gibson said.
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