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The former CEO of Citizen Union Bank has settled his lawsuit against the bank.
CUB and Billie Wade, who served as president and CEO from 1991 until March 2010, have settled a wrongful termination and defamation suit Wade filed in July 2010.
A mediator’s report, submitted to Shelby Circuit Court on Feb. 13, contained no details of the settlement, saying merely that, “all claims among the parties have been settled.”
Mediator Thomas J. Knopf with the Retired Judges & Associates Mediation & Arbitration Services, who signed the report, said he was not at liberty to discuss any details of the settlement.
David Bowling, president of Citizens Union Bank, was unavailable for comment, and Wade did not return a phone call from The Sentinel-News.
The bank had announced Wade’s retirement after it had come under a probe by the Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions.
But Wade filed suit, claiming he had not retired but in fact had been forced out and was owed past and future compensation.
He said in his suit that the bank had breached his contract, lied in its statements that he had retired, defamed him, cost him income and caused him to take on debt.
He named the bank, its holding company, Citizens Union Bancorp, former board chairman Dr. Edward Hayes, consulting company Chartwell Capital LTD and that company’s officials.
Wade’s attorney, Larry Zielke of Louisville, was unavailable for comment, but he had said at the time Wade filed the suit that the bank terminated Wade without cause and treated him badly and gave him no reason why he was being terminated.
Wade’s suit asked for a variety of damages, including compensatory and punitive damages as well as back pay.