Wings Financial Settles Naming DisputeWith Sponsor
APPLE VALLEY, Minn. - (10/01/04) -- Wings Financial FCU, formerly knownas NWA FCU, said it has settled a suit with its financially ailingcorporate sponsor over the use of Northwest Airlines' well-knownname and logo. Under the settlement, the $1.6 billion credit unionis believed to have limited rights to the NWA signature while itphases out its old name for its new one, sources said. Both sidesconfirmed the settlement last week but refused to discuss terms ofthe deal. Northwest Airlines, which has been struggling like all ofthe major airlines, proposed last year that the credit union pay itmillions of dollars in licensing fees for use of the logo andairline-owned offices. As part of a plan to diversify outside ofthe troubled sponsor, the state's largest credit union obtained aTIP charter earlier this year allowing it to serve all employees ofthe air transportation industry nationwide.