Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
WesCorp trial date postponed settlement talks continue
LOS ANGELES, Calif.  (8/22/12)--Court hearings and the trial date have been postponed while settlement talks continue amongst the parties in the National Credit Union Administration's  (NCUA's) lawsuit against former Western Corporate FCU senior executives over losses from mortgage-backed securities that led to the corporate's collapse.

The U.S. District Court for the Central District of California had issued a recent order postponing the case while the remaining parties continue negotiations. A hearing that had been scheduled for Tuesday has been reset for Sept. 25 at 1:30 p.m., according to court documents.

NCUA, as liquidating agent for WesCorp, had filed a negligence lawsuit against former WesCorp senior executives. Three have entered settlement agreements with NCUA, while two others have not settled.

The NCUA's suit alleges that officials were negligent in monitoring mortgage-backed security investments that were made by the corporate, and that there was a breach of fiduciary duty and fraud related to these investments, which resulted in $6.8 billion in portfolio losses. The WesCorp employees filed counterclaims and affirmative defenses against NCUA, alleging the agency was aware of WesCorp's investment strategies and approved of and encouraged the strategies.


RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
16 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
16 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
18 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
18 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
21 hours ago