WesCorp-NCUA Case Yields One Settlement
One of the defendants in the NCUA’s litigation against former officers of WesCorp has reached a settlement with the agency, according to documents filed Friday in federal court in Los Angeles.
No financial terms were announced in the settlement between Timothy Sidley, the failed corporate’s former chief risk officer, and the NCUA.
The document filed with U.S. District Judge George Wu said the NCUA, as the liquidating agent for Western Corporate FCU, and Sidley had reached an agreement that resolved all claims and counterclaims.
The filing also said the settlement could not be appealed, that each side would bear their own legal costs, and that the settlement covered only Sidley, not the remaining defendants: Robert Siravo, Todd Lane, Robert Burrell and Thomas Swedberg.
No other details were provided.
Sidley attorney Seth Freilich declined comment Friday other than to confirm a settlement was reached. An attorney for the NCUA did not return a call.
The NCUA Board was notified earlier this week that it would be deposed by the defendants in the case.
The case dates to the 2009 collapse of WesCorp following huge investment losses in the mortgage securities market.