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.
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