Failed CU Convert Lafayette FCU Strikes Back

KENSINGTON, Md. – Lawyers for Lafayette FCU have issued a series of broad ranging subpoenas in connection with a multi-million dollar suit against the credit union’s former CEO, seeking comprehensive information from a variety of groups who helped defeat their bid to convert to mutual savings bank. Lawyers for the credit union, which is suing former CEO Bill Brooks who it alleges helped defeat the conversion, have issued subpoenas seeking all correspondence regarding the conversion to: the National Center for Member Trust, the National Cooperative Business Association, the Maryland and District of Columbia CU Association and Virginia attorney Steve Bisker, according to one target of the subpoenas. The parties all helped organize members to oppose the conversion, which officials of the $330 million were forced to halt after a contested vote. Separately, Lafayette has hired high-powered Washington law firm Williams and Connolly to represent it in an ongoing investigation by NCUA into the ill-fated conversion vote.