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News Now

CU System
Court To Consider Dismissal Of WesCorp Exec Case After Settlement
LOS ANGELES (4/16/13)--Papers were filed Monday in a federal court in Los Angeles that would end the last negligence lawsuit against a Western Corporate FCU executive by the National Credit Union Administration as well as a countersuit by the executive, in light of a settlement in the case.

NCUA, as liquidating agent for WesCorp, had sued several executives, including Todd M. Lane, former chief financial officer at WesCorp, about their roles in the corporate's investment in residential mortgage-backed securities. Losses from those securities contributed to the conservatorship and liquidation of the corporate.

The joint motion calls for U.S. District Judge George H. Wu Monday to dismiss with prejudice all claims and counterclaims between NCUA and Lane.  It had been announced in January that they had reached a tentative settlement, subject to approval of NCUA's counsel and board (News Now Jan. 7).

Other former WesCorp employees sued by NCUA had settled their cases earlier.  They included Robert Siravo, former WesCorp CEO, Thomas Swedberg, former human resources director; Bob Burrell, chief investment officer; and Timothy Sidley, former chief risk officer. NCUA has since issued cease and desist orders, prohibiting them from participating in any affairs of a federally insured credit union.


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