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
NCUA WesCorps Sidley settle lawsuit
LOS ANGELES (3/5/12)--The National Credit Union Administration (NCUA) and Thomas T.Sidley, one of the officials it sued as a result of the collapse of Western Corporate FCU, Friday filed a settlement agreement with a federal court in Los Angeles to dismiss the case , according to a stipulation filed Friday.

The matter is before U.S. District Judge George Wu of the U.S. District Court for the Central California, Western Division in Los Angeles. The proposed order stipulates that dismissal of the case would be "with prejudice of all claims and counterclaims" between NCUA and Sidley. Each party would bear all the court costs. 

Sidley was the chief risk officer at WesCorp. The proposed dismissal does not apply to NCUA's claim against any other defendant in the WesCorp case--Robert Siravo, CEO; Thomas Swedberg, head of human resources; Robert Burrell, chief investment officer; and Todd Lane, chief financial officer.

WesCorp was hard hit by losses related to mortgage-backed securities.  NCUA's lawsuit had alleged that senior WesCorp executives were negligent in monitoring the investments of the corporate and that there was a breach of fiduciary duty and fraud related to investments that resulted in $6.8 million in portfolio losses (News Now Jan. 24).  The executives 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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
15 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
20 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
21 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
23 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
23 hours ago