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News Now

CU System
NCUA WesCorps Swedberg settle suit
LOS ANGELES (4/16/12)--The National Credit Union Administration (NCUA) and Thomas Swedberg, one of the officials it sued as a result of the collapse of Western Corporate FCU, Wednesday filed a settlement agreement with a federal court in Los Angeles to dismiss the case, according to a stipulation filed Friday.

The documents were filed before U.S. District Judge Margaret Nagle of the U.S. District Court, Central District of California.

A further settlement conference will be conducted off the  record, according to the court document.

Swedberg was the director of human resources for the former $34 billion corporate credit union.

Settlement discussions continue under court supervision regarding the claims of NCUA against defendant WesCorp CEO Robert Siravo, according to the document filed Wednesday.

Swedberg's agreement follows a settlement with Timothy J. Sidley, the former chief risk officer at WesCorp.

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 billion 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.


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