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

Washington
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.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
16 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
17 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
17 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
18 hours ago