Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Corporate America USC accounting firm settle suit
BIRMINGHAM, Ala. (3/8/11)--Corporate America CU and RubinBrown LLP, an accounting firm for U.S. Central FCU, have settled a lawsuit arising from estimates of paid-in-capital (PIC) shares after U.S. Central was placed in conservatorship. The settlement is confidential and no terms were disclosed. In such settlements, neither party admits liability to the other. RubinBrown is a St. Louis-based companied hired to prepare valuation of PIC shares for conversion before U.S. Central suffered losses and went into conservatorship. The suit by Birmingham, Ala.-based Corporate America centered around U.S. Central's action in December 2009 to convert $450 million of non-permanent capital to permanent paid-in-capital shares (PIC II). RubinBrown said the shares were worth at least $450 million, and, according to the complaint filed by Corporate America, the corporate relied on the estimates when it exchanged its member capital shares in U.S. Central for PIC shortly before U.S. Central was taken into conservatorship.


RSS





print
News Now LiveWire
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
3 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
4 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
6 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
6 hours ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
6 hours ago