Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
9 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
11 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
11 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
11 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
12 hours ago