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Case closed in Corp America v. U.S. Central
BIRMINGHAM (7/27/11)—A U.S. District Court judge in Alabama has stated a settlement has been reached and the case is closed in a lawsuit brought by Corporate America CU against 13 executives and former executives and volunteer board members of U.S. Central FCU. The July 25 court order stating that the case is resolved was signed by Judge Inge Prytz Johnson of the U.S. District Court of the Northern Division of Alabama. The suit had centered around U.S. Central's action in December 2009 to convert $450 million of non-permanent capital to permanent paid-in-capital shares known as "PIC II." Back in March, Corporate America CU and RubinBrown LLP settled a lawsuit involving the St. Louis-based RubinBrown, hired to prepare valuation of PIC shares for conversion before U.S. Central suffered losses and went into conservatorship. Both settlements are confidential and no terms are disclosed.


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