Court ruling allows CU trade secrets lawsuit to move forward

A Florida federal judge ruled last month that the $2.3 billion Grow Financial Federal Credit Union has alleged sufficient facts to pursue a lawsuit that the $1.8 billion GTE Financial Federal Credit Union and an employee allegedly misappropriated Grow’s trade secrets and other confidential and proprietary information under state and federal laws.

U.S. District Judge James S. Moody Jr., however, dismissed Grow’s claims that GTE and its employee, Erica Pierson Holliday, allegedly violated federal and state computer fraud and abuse laws.

“We are pleased with the decision made by Judge James Mooney to allow the lawsuit filed by Grow Financial to move forward against GTE Financial and Erika Pierson,” Grow Financial said in a prepared statement through its lawyers. “We believe that the protection and security of member data is the most essential business practice in the credit union industry and employees should be held to the highest standard of ethical and trustworthy behavior.”


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