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News Now

CU System
Fourteen investors settle lawsuit against CU
REIDSVILLE, N.C. (2/8/08)--Fourteen investors settled lawsuits filed three years ago against a credit union that sold them investments in the now defunct Evergreen Fund. Rockingham County, N.C., investors filed the suit against the $51.4 million asset Reidsville-based American Partners FCU. Details of the settlement will not be made public, and the investors are ready to move on, according to the plaintiffs’ lawyer Phil Mohr (Greensboro News & Record Feb. 7). The lawsuits claim that American Partners should have known that the investment--a fund called Evergreen Security--was risky and possibly fraudulent. The credit union serves mostly American Tobacco former workers and their families. Managers at the Florida-based Evergreen pleaded guilty about five years ago to criminal charges that included grand larceny and fraud--manifested in a scheme that bilked more than 2,000 investors worldwide out of $214 million, according to published reports. When the fund went bankrupt, the investors’ money was lost. J. Scott Hale, attorney for American Partners, declined comment on the settlements, said the newspaper. Mohr informed Guilford County Superior Court Jan. 23 that he would dismiss the cases.


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