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CU System
Trial date set in Corporate America-U.S. Central case
BIRMINGHAM, Ala. (3/31/10)--A U.S. District Court judge in Alabama Thursday set the trial date--Dec. 6--in Corporate America CU's lawsuit against individual director defendants of U.S. Central FCU. U.S. District Judge Inge Johnson set the jury trial for 9 a.m. ET in Birmingham, Ala. A pretrial conference was scheduled for Nov. 29, according to the order filed by Johnson. In the lawsuit, Corporate America alleges that U.S. Central violated the Securities and Exchange Act of 1934 and state laws by soliciting Paid-in-Capital (PIC II) funds from member credit unions. The corporate claims U.S. Central concealed the extent of its investment losses. Defendants' answer denying the claims was filed with the court on Friday.


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