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Article: Franklin Community's lawyers agree to pay NCUA $6 million. (Franklin Community Federal Credit Union, National Credit Union Administration, law firms Erickson and Sederstrom P.C. and Byrne Associates P.C.)
- Article from:
- American Banker
- Article date:
- April 8, 1994
- Author:
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The National Credit Union Administration has accepted a $6 million out-of-court settlement with lawyers who concurrently represented both Franklin Community Federal Credit Union and the manager who embezzled about $20 million from the institution.
The agency settled claims on April 1 against the Omaha, Neb.-baseds law firms of Erickson & Sederstrom P.C., and Byrne Associates P.C., according to documents obtained under a Freedom of Information Act request by American Banker.
The agreement marks the agency's largest single cash recovery of any lawsuit or bond claim, an agency official said.
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