Owners Sue DFCU

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DEARBORN, Mich. - (05/26/06) – Two members of DFCU Financialfiled suit in federal court Friday to enforce a member petitionrequiring the board of the credit union giant to set up a vote tooust the entire board. The suit was filed by two long-time DFCUFinancial members, Richard Sly, of Northville, and Raymond Ward, ofDearborn, on behalf of the credit union’s 175,000 members andcalls on the court to enforce the credit union’s bylawrequiring a special meeting by member petition. Sly is a formerdirector of the credit union and a former employee of Ford Motor,the original credit union sponsor, and Ward is a current Fordemployee. The members assert that almost 1,800 signatures amembers' group collected on its special meeting petition more thanqualify for the credit union’s required 500 signaturerequirement. The embattled directors voted to ignore the call foran ouster vote, insisting that to remove the board would threatenthe safety and soundness of the $1.8 billioninstitution.

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