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Original CU plaintiffs ask to drop out of WesCorp suit
WASHINGTON (9/3/10)--The original credit union plaintiffs in a lawsuit against Western Corporate FCU (WesCorp) and its former directors and current and former officers have decided to forego further participation in the case. Late last year, the National Credit Union Administration (NCUA) successfully petitioned the court to intervene as plaintiff in the lawsuit. The NCUA is conservator of WesCorp. In a brief filed with the U.S. District Court for the Central District of California, the seven credit unions that first brought the suit against the corporate asked that the NCUA be viewed as the sole plaintiff “to further prosecute this action.” The credit unions are 1st Valley CU, Cascade FCU, Glendale Area Schools FCU, Kaiperm Northwest FCU, Northwest Plus CU, Stamford FCU, and Tulare County FCU--all of which were all members of WesCorp. Earlier this week, the NCUA filed an amended complaint in the case, which alleged various breaches of fiduciary duties of care and gross negligence on the part of 15 former WesCorp directors and officers in connection with over-concentration of certain types of Option ARM Mortgage Backed Securities.


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