Former CEO of Terminal Credit Union sues over cancellation of pension

By Kyle Barnett | Aug 27, 2013

Ryan D. Kelly

GRETNA – A Metairie-based credit union is being sued by a former CEO for allegedly canceling his employment and pension agreement over 30 years after it was signed into contract.

Louis B. Falgoust filed suit against Terminal Credit Union in the 24th Judicial District Court on June 28.

Falgoust claims he was the CEO of Terminal Credit Union from 1977 until 1995 when it moved out of his home at 1332 Apple St. in Metairie and into its current office on Clearview Parkway in Metairie. The plaintiff alleges that in 1981 his salary was increased by the credit union board to 15 percent of the income of the credit union, but that he would not receive the entire amount and some of the monies would be set aside for his retirement.

Falgoust asserts that on June 20, 2012 the Terminal Credit Union board of directors met and terminated his contractual agreement thereby prohibiting him from receiving his retirement income. The plaintiff claims he immediately sent a letter to the board of directors requesting he be paid the remaining monies under his contract and they sent him a check for the last six months that he has refused to cash because it falls far short of the contracted payment amount. In addition, Falgoust alleges that various pieces of furniture in the Terminal Credit Union office belong to him and should be returned.

The defendant is accused of breach of contract.

Damages in the amount of $385,685.51 are sought by the plaintiff.

Falgoust is represented by Ryan D. Kelly of New Orleans-based Kinney, Ellinghausen, Richard & Deshazo.

The case has been assigned to Division N Judge Stephen D. Enright Jr.

Case no. 728-463.

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