The Huron River Area Federal Credit Union is closed - but litigation surrounding its investments continues, according to a report this week in the Credit Union Journal.

According to the report, a federal judge refused to dismiss a lawsuit made by investors of the defunct Ann Arbor-based credit union that they were duped into bad real estate deals in southwest Florida.

The credit union was taken over by regulators in 2007 following a series of risky construction loans. It had been the 2nd largest credit union in Washtenaw County before it became insolvent, and it once held $360 million in assets.

The investors who filed suit come from multiple states, including Michigan. Their lawsuit claims they were fraudulently allowed membership in HVFCU. Defendants are the National Credit Union Association and Whitney Education Group, according to the Credit Union Journal report.

Read the 2008 report from the Ann Arbor News on the credit union's demise.

Read the most recent report, which is available to readers who sign up for a trial subscription.