Judge Removes ASI As Manager
A judge has ruled the Ohio Department of Commerce must remove American Share Insurance as the manager at United Telephone CU in Rocky River.
As deposit insurer at the CU, ASI took over United Telephone after state regulators ousted former manager Martin Hughes, his wife, and other directors for allegedly mismanaging the credit unions and causing millions of dollars in losses.
Since 2003 ASI has been managing the 5,000-member credit union, and in 2004 filed suit against the CU's former directors seeking $2.2 million.
United Telephone said it will find new management.