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News Now

Washington
NCUA releases U.S. Central details to corporate litigant
ALEXANDRIA, Va. (11/23/10)—The National Credit Union Administration (NCUA) has provided Corporate America CU with access to approximately 750,000 pages of documents regarding the failed U.S. Central FCU. The documents were sought by Corporate America via a Freedom of Information Act (FOIA) request made in June, after Corporate America had first tried to subpoena these documents in May. Corporate America filed a FOIA lawsuit in the U.S. District Court for the Northern District of Alabama earlier this month seeking to compel NCUA to release the documents, but Corporate America voluntarily withdrew the FOIA lawsuit last week. The NCUA has confirmed that it has “already provided Corporate America with access to documents that were the subject of the lawsuit." "The matter has been resolved and the suit dismissed,” the NCUA added. Corporate America sought these documents in connection with its separate lawsuit against the former directors and officers of U.S. Central, which is also pending in the U.S. District Court for the Northern District of Alabama. That case is slated to go to trial in August 2011 and alleges securities law violations, breach of fiduciary duty, and similar claims against U.S. Central's former management.


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