Funding of StateWest "test case" was in industry interest: United

United Credit Union Ltd has confirmed that it paid the legal fees of objectors to StateWest Credit Society Ltd's demutualisation, saying it did so with the interests of the industry in mind.
United CEO Ian Williams said the group had agreed to provide a form of limited recourse loans to dissident members, led by StateWest founding chairman Pat Kirwan, in order to test the adequacy of new disclosure standards implemented across the board a few years ago.
Home and StateWest have jointy condemned United's move and questioned its motivation.


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