U.S. District Judge George H. Wu has ruled as he had hinted he would all along in NCUA v Siravo, et. al., the legal battle over the collapse of WesCorp.
In a terse statement dated Monday, Wu wrote that “For reasons stated on the record, Defendant Directors' Motion to Dismiss Second Amended Complaint is granted.”
Included in the roster of former and current credit union executives involved in the ruling are CUNA's Bill Cheney, Robert Harvey (CEO of Seattle Metropolitan Credit Union), James Jordan (CEO of Schools Financial CU), Timothy Kramer (CEO of KeyPoint CU), Robin Lentz (CEO of Cabrillo CU), John Merlo (CEO of Premier America CU), Gordon Dames (former CEO of Mountain America CU), Warren Nakamara (CEO of Honolulu Federal CU), Brian Osberg (CEO of Potelco United CU), David Rhamy (former CEO of Silver State Schools CU) and Sharon Updike (CEO of Eagle Community Credit Union).
Wu, however, denied motions to dismiss some charges against former WesCorp officers, namely Robert A. Siravo (WesCorp's former president/CEO), Todd M. Lane (former chief financial officer), Thomas E. Swedberg (former vice president).
Wu set a scheduling conference for Aug. 25, 2011, an indication that the cases against the officers will proceed to trial.
