Washington Denies Shareholder Status to Credit Union Members

In an opinion issued July 25, 2006, the Washington Court of Appeals affirmed a trial court dismissal of certain claims brought by the group Save Columbia Credit Union. The court held that the group, composed of credit union members, did not have standing to bring direct claims for breach of fiduciary duty against directors, nor could the group avail itself of statutory entitlements to access to records afforded to shareholders in other corporations. Although the opinion examines a number of Washington statutes, the fiduciary duty analysis is based on common law principles that could be applicable in other jurisdictions, including Oregon. Case information: Docket Number: 32858-5-II Title of Case: Save Columbia CU Committee etal, Appellants v. Columbia Community Credit Union etal, Respondents File Date: 07/25/2006