Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
16 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
17 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
17 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
19 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
20 hours ago