DALLAS (5/7/09)--Credit Union Liquidity Services (CULS), a Texas-based credit union service organization (CUSO), has filed a lawsuit against a credit union in North Carolina, saying it owes money because CULS overpaid interest from participation loan deals related to Lincoln Mall in Chicago and a project in Pennsylvania. CULS, formerly known as Texans Commercial Capital LLC, a member business lending CUSO affiliated with Texans CU, filed the complaint Friday in the U.S. District Court for the northern district of Texas in Dallas against Coastal FCU, based in Raleigh, N.C. The complaint alleges that on Aug. 30, 2006, CULS and the credit union entered into two participation agreements on loans CULS was making to finance the Lincoln Mall in Chicago and Mockingbird Commons in Pennsylvania. On June 6, 2007, a third participation agreement was signed for the Mountain Village in Pennsylvania. In 2007, CULS and the mall amended the agreement's terms. CULS maintains it did not need Coastal's consent to make material amendments to the loan participation agreement terms. Coastal paid $5 million for an "all in" participation in the Lincoln Mall loan, with its participation interest initially set at 24.75%. As the loan commitment increased, the interest was to be reduced to 12.68%. However, the court documents say, CULS "inadvertently continued paying" Coastal the original interest of 24.75%. CULS also alleges it overpaid Coastal by more than $486,909 for the Lincoln Mall participation and more than $558,163 for the Mockingbird Commons project. Texans CU, a $1.7 billion asset credit union in Richardson, Texas, sold off most of Texans Commercial Capital LLC in 2007 as losses mounted from the Lincoln Mall project. In February, CULS filed to foreclose on a $39 million balance of its $62 million loan on the Lincoln project.