Court Sets Hearing In DFCUCase

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GRAND RAPIDS, Mich. - (06/12/06) – A federal court Friday set aJuly 6 hearing for a suit in the members’ revolt over theattempted conversion of DFCU Financial to a mutual savings bank.The suit challenges a decision by the DFCU directors to reject arecall petition which was signed by 1,800 angry members askingspecial meeting to vote to oust the directors. Two members of the$1.8 billion credit union, Richard Sly, a former director himself,and Raymond Ward, charge in a civil suit that directors violatedthe credit union’s bylaws requiring the board to hold aspecial meeting it petitioned to do so by 500 members ormore.

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