A Tangled Web Just Became More Snarled
The saga of $602 million Alabama One Credit Union has just become more complex. Following a threat by the Alabama Credit Union Administration to place the credit union into conservatorship, Alabama One has filed suit against a U.S. Senator, the legal advisor to the Governor, and several local attorneys for conspiracy and abuse of power. The credit union claims that the defendants attempted to coerce tens of millions of dollars in legal settlements from the credit union despite the fact that the it had been found to be operating in a safe and sound manner by both state and federal regulators. [6/30/15]
