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News Now

CU System
Corporate America USC accounting firm settle suit
BIRMINGHAM, Ala. (3/8/11)--Corporate America CU and RubinBrown LLP, an accounting firm for U.S. Central FCU, have settled a lawsuit arising from estimates of paid-in-capital (PIC) shares after U.S. Central was placed in conservatorship. The settlement is confidential and no terms were disclosed. In such settlements, neither party admits liability to the other. RubinBrown is a St. Louis-based companied hired to prepare valuation of PIC shares for conversion before U.S. Central suffered losses and went into conservatorship. The suit by Birmingham, Ala.-based Corporate America centered around U.S. Central's action in December 2009 to convert $450 million of non-permanent capital to permanent paid-in-capital shares (PIC II). RubinBrown said the shares were worth at least $450 million, and, according to the complaint filed by Corporate America, the corporate relied on the estimates when it exchanged its member capital shares in U.S. Central for PIC shortly before U.S. Central was taken into conservatorship.


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