Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Four defendants removed from investments lawsuit
MIAMI and BOCA RATON, Fla. (11/9/09)--An amended complaint in a class action lawsuit filed against a Florida credit union over fraudulent investment losses perpetrated by a now-defunct broker dealer has removed from the case four individuals originally cited as defendants. The amended complaint was filed Oct. 27 in the U.S. District for the Southern District of Florida and replaces one that had named Boca Raton-based IBM Southeast Employees FCU and four people among the defendants. Those who are no longer defendants are Lary B. McCants, the credit union's president/CEO, and three financial services representatives of the now-defunct broker, Wellstone--Christi Seay, Jay Jones and Barbara Leschander. Seay told News Now that the representatives were removed from the lawsuit because it was determined they were not employees of the credit union. The suit alleges the credit union referred clients to Wellstone, a broker dealer created by Cornerstone Ministries, without adequate due diligence. Wellstone and Cornerstone are both defunct, according to the court documents filed. McCants confirmed to News Now that the amended class action complaint was filed.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
4 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
5 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
5 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
5 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
8 hours ago