Thursday, September 10, 2015

Fired Alabama One CU Officials Sue State Regulator

The soap opera that is Alabama One Credit Union continues to take a new turn.

The latest development is that some former officers and board members of Alabama One Credit Union filed a lawsuit on September 8 claiming they were improperly dismissed by the Alabama Credit Union Administration (ACUA), which seized the Tuscaloosa-based credit union on August 27.

The ACUA fired Alabama One's executives and dismissed its board of directors on the same day the credit union was placed into conservatorship.

The lawsuit seeks the reinstatement of 11 Alabama One officials to their previous positions and the return of the control of the credit union to the board of directors. The plaintiffs are also seeking monetary damages and a permanent injunction against ACUA and its administrator.

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