Alabama One Credit Union Members Bring Class Action Suit Against its Board
One the state’s largest credit unions is being sued by its members, according to a complaint filed last week in Tuscaloosa County Circuit Court.
Alabama One Credit Union, which has more than $600 million in assets and 60,000 members, has been sued by Jerry Logan, a former board member, on behalf of all of the credit union’s members. Alabama One was once known as the BF Goodrich Employee Credit Union.
Logan is represented by Birmingham firm Campbell, Guin, Williams, Guy and Gidiere. Campbell Guin partner Andy Campbell said, “We expect the evidence to show that the Board failed to engage in any meaningful oversight over its officers in making loans and handling assets of the credit union. This nonfeasance allowed a pattern of engaging in numerous bad loans and other misconduct . As a result, the losses are staggering.”