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CU System
Iowa CUSO sues real estate developer in default
DES MOINES, Iowa (7/9/08)--An Iowa credit union service organization (CUSO) is the eighth lender to file suit against a residential development project that is in default. Community Business Lenders, based in West Des Moines, filed the lawsuit late last week in Dallas County District Court against Regency Cos., developers of Michael's Landing. The suit says Regency's executives defaulted on nearly $12 million in loans for the project. The CUSO is owned by the Iowa Credit Union League and two credit unions--Community Choice CU of Johnston and MEMBERS lst Community CU, based in Marshalltown. The lawsuit names as defendants Regency executives Jamie Myers, Richard Moffitt and John Gamble, as well as partners Michael Medved, Josh Reel and Darryl High and says they defaulted on two notes for $9.5 million and $2.4 million. The CUSO's lawsuit is the largest filed so far by eight lenders accusing Regency officials of defaulting on more than $56.76 million in loans. The group says the company owes them $51.7 million. Regency ceased operations in April, citing the troubled housing market and tightened financing.


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