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discharge could be considered a "wrongful termination". A member
also expressed concern that the board could be sued by petitioner
and inquired whether the board's indemnity policy would pay for
any damages which might result.
The charges of mismanagement made against petitioner caused
damage to his professional reputation in the credit union
industry and prevented him from obtaining another responsible
position in his profession at the management level. He was asked
to resign as a member of the board of directors of the Tyme
Corporation.
On or about September 15, 1988, petitioner and the credit
union entered into a written settlement agreement which provided,
in pertinent part, as follows:
WHEREAS, the Board of Directors of the Credit Union
instituted proceedings on February 29, 1988, to consider the
removal of Goeden from his positions as President and
Director of the Credit Union.
WHEREAS, Goeden has indicated litigation would be
commenced against the Credit Union and any directors who
participated in his removal as President and Director and it
is anticipated such litigation would be protracted,
complicated and time-consuming for the parties;
WHEREAS, it is the mutual intent of the parties that
the payments made pursuant to this Settlement Agreement are
made by or on behalf of the Credit Union and received by
Goeden in settlement of any and all claims Goeden may have
against the Credit Union or any of its officers and/or
directors, either individually or in combination with
others, including but not limited to any and all claims for
defamation, libel, slander, age discrimination, tortious
interference with Goeden's trade, profession and right to
earn a living, injury to Goeden's business and professional
reputation and standing in the business community and
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