NCUA Reaches Agreement With WesCorp's Burrell
Late Tuesday NCUA officials indicated the regulator had reached an "agreement in principle" with onetime WesCorp executive Robert Burrell, one of several defendants in civil litigation brought by the NCUA over the corporate’s failure.
Terms of the agreement were not released.
Burrell had been chief investment officer at WesCorp.
Sources indicated settlement talks are ongoing with other defendants in the case, who include onetime WesCorp CEO Robert Siravo, onetime CFO Todd Lane and Thomas Swedberg, former human resources director.
Last week onetime WesCorp chief risk officer Timothy Sidley settled with the NCUA in an agreement terms of which were not made public. Sidley did execute a prohibition order that excludes him from employment at a federally insured credit union.
The case dates to the 2009 collapse of WesCorp following huge investment losses in the mortgage securities market.