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News Now

CU System
U.S. Central auditors records subpoenaed
BIRMINGHAM, Ala. (10/20/10)--Corporate America CU has subpoenaed all the records of BDO Seidman, the auditor of U.S. Central FCU, in its suit against the officers and directors of U.S. Central. According to court documents, the subpoena on behalf of the Birmingham, Ala.-based Corporate America asks for all work papers, correspondence, research, spreadsheets, drafts and investment valuations provided by the Las Vegas-based auditing firm for the Lenexa, Kan.-based U.S. Central in 2008. Other organizations receiving subpoenas in the case are Riskspan, Vienna, Va.; Callahan & Associates, Washington, D.C.; Clayton Financial Services, Topeka, Kan.; and Pacific Investment Management Co. (PIMCO), Newport Beach, Calif.; and Andrew Davidson and Co., New York. The suit claims that Corporate America CU and 26 other corporate credit unions that were members of U.S. Central were misled when U.S. Central converted $450 million of temporary capital to permanent capital just before the nation’s financial crisis erased all of the capital during the fall of 2008.


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