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CU System
Judge denies U.S. Central defendants motion to dismiss
BIRMINGHAM, Ala. (3/3/10)--A U.S. District Court judge in Alabama Tuesday denied a motion to dismiss Corporate America CU's lawsuit against individual director defendants of U.S. Central FCU. U.S. District Judge Inge Johnson noted in the order that the "complaint raises complex factual issues that are more appropriately addressed in motions for summary judgment. The motion to dismiss is therefore denied." In the lawsuit, Corporate America alleges that U.S. Central violated the Securities and Exchange Act and state laws when it solicited Paid-In-Capital (PIC II) funds from member credit unions. It claims U.S. Central concealed the extent of its investment losses. Last week Judge Johnson denied a separate motion to dismiss filed by U.S. Central's accounting firm, RubinBrown LLP.


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