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ALEXANDRIA, Va. - The PCS Leadership Group is expected to file suit against the National Credit Union Administration to recoup its losses from the liquidation of Capital Corporate Federal Credit Union.
According to Ron Snellings, president of Pentagon FCU, Alexandria, Va., the group will meet on Sept. 20 to determine the details of the suit.
"We're going to be filing unless 80 people come through that door and tell us not to," said Snellings, who added the lawsuit would be seeking approximately $25 million the loss for Cap Corp PCS holders - plus legal expenses.
The PCS Leadership Group represents 173 of the 251 credit unions that suffered losses. Of the 173, 83 have put up funding for expenses.
Snellings emphasized that if any credit union does not want its money spent on the suit, it will be returned minus non-suit related expenses.
"We won't use any of the funds for the suit without the credit union's permission," Snellings said.
Only those credit unions named in the suit will be eligible for any monetary settle-. ment.
At least three plaintiffs are needed to file suit and others
SABRE RATTLING
In a letter dated Aug. 13 to all Cap Corp PCS holders, Len Skiles, president - asset liquidation management center of NCUA, updated them on the potential of third party claims and...