Charges Against Outside Directors Re-Opened in NCUA v Siravo, et. al
In a complicated ruling Monday, Judge George Wu opened a door that had seemed closed by agreeing to allow cases against WesCorp outside directors to proceed. That decision is a reversal of a draft ruling circulated by the judge in late December, in which Judge Wu proposed dismissing all charges against the WesCorp outside directors.
NCUA had filed in opposition to that draft ruling, offering detailed argument that the outside directors in fact had culpability in the losses incurred by WesCorp.