SAN JOSE, Calif. – Despite last week’s announcement that members of $1.6-billion Technology Credit Union overwhelmingly rejected converting to a mutual savings bank charter, the legal fight is far from over as a court hearing was postponed yet again.
At issue is access to the CU’s membership list by those who led the fight against the proposed charter conversion. The opposition says Tech CU has refused to provide the list, offering instead to forward any messages via e-mail at a per-message cost of $1,050. When Paul Popescu rejected the alternative, Tech CU sought an injunction to “set aside demand to inspect and copy information.”
A hearing originally was set for Sept. 20. Shortly before that date the judge scheduled to hear the matter, Honorable Aaron Persky, recused himself, and the hearing was continued to Sept. 27. Because both sides have continued to file additional papers, on Tuesday the court ruled it would consider all papers filed as of Sept. 25, but continued the hearing to Oct. 2.
Asked if the fact the member vote rejected the charter conversion made the results of the hearing moot Carlos Rodriguez, one of the leaders of the opposition, told Credit Union Journal, “The point is not moot and the hope is it can be proven in court.”
Last week Rodriguez said the opposition is keeping open the option of seeking removal of the board of directors, but first would request to have a face-to-face meeting to ensure the board would not attempt another charter conversion in the future. “It is up to them to prove to us they are willing to listen and adequately represent us,” Rodriguez said shortly after the vote results were announced.