Search
 

NCUA Can Guard Assets in Lynrocten Suit

The NCUA can intervene in a loan participation fraud suit involving the failed $13.8 million Lynrocten Federal Credit Union.

By Missy Baxter | Updated on May 02, 2014

A Virginia judge has ruled that the NCUA can intervene in a lawsuit against three former employees of the failed $13.8 million Lynrocten Federal Credit Union.

The $20 million Northern Piedmont Federal Credit Union of Culpeper, Va., filed the lawsuit earlier this year against former Lynrocten manager Linda Susan Newcomb and Teresa Humphries and Becky Nichols, who worked at the 1,068-member cooperative in Lynchburg, Va., until May 30, 2013, when it was liquidated by the NCUA.

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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.