The Franklin, Tenn.-based Southeast Financial Credit Union may have largely prevailed in a multi-million-dollar breach of contract claim against online education company The College Network. But, after nearly two years of court proceedings, it's still unclear how SFCU — and some TCN students — will ever be made whole.
It's a saga that highlights the struggles many credit unions face in lending partnerships, as well as the protracted and undoubtedly expensive legal battles that can ensue for everyone involved.
The strife revolves around a soured relationship between SFCU, which has $385 million in assets and about 44,000 members, and the Indianapolis-based TCN, which sold modules and other study materials to help students primarily in the nursing field test out of certain classes, as well as pursue post-secondary degrees.
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