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News Now

CU System
Suit alleges Chrysler deputy CEO owes CU 609286
MANHATTAN BEACH, Calif. (9/22/09)--Western FCU, in Manhattan Beach, Calif., is suing Chrysler Group LLC Deputy Chief Executive Officer James Press for $609,286. The $2 billion asset, Manhattan Beach, Calif.-based credit union is taking legal action against Press because he allegedly failed to make two payments last year on his Birmingham, Mich., home (Bloomberg.com Sept. 20). Press told the credit union he would be unable to make two pending loan payments of $203,000, according to the lawsuit. The credit union also is seeking attorney’s fees. The alleged debt occurred on an unsecured line of credit Press received while working for Toyota Motor Corp. in Torrence, Calif., said the Los Angles Times (Sept. 18). In a statement, Press said that troubles in the auto industry resulted in the denial of his request for a bonus payment. That led to his inability to make loan payments to the credit union. Press said he is trying to arrange for a loan against a future bonus with Chrysler so he can pay off his loan to Western FCU. Also, the Internal Revenue Service placed a $947,409 lien on his home because of unpaid federal taxes, according to documents from court and the Oakland County Register of Deeds, in Pontiac, Mich.


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