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
Fourteen investors settle lawsuit against CU
REIDSVILLE, N.C. (2/8/08)--Fourteen investors settled lawsuits filed three years ago against a credit union that sold them investments in the now defunct Evergreen Fund. Rockingham County, N.C., investors filed the suit against the $51.4 million asset Reidsville-based American Partners FCU. Details of the settlement will not be made public, and the investors are ready to move on, according to the plaintiffs’ lawyer Phil Mohr (Greensboro News & Record Feb. 7). The lawsuits claim that American Partners should have known that the investment--a fund called Evergreen Security--was risky and possibly fraudulent. The credit union serves mostly American Tobacco former workers and their families. Managers at the Florida-based Evergreen pleaded guilty about five years ago to criminal charges that included grand larceny and fraud--manifested in a scheme that bilked more than 2,000 investors worldwide out of $214 million, according to published reports. When the fund went bankrupt, the investors’ money was lost. J. Scott Hale, attorney for American Partners, declined comment on the settlements, said the newspaper. Mohr informed Guilford County Superior Court Jan. 23 that he would dismiss the cases.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
13 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
17 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
17 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
19 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
20 hours ago