Confidential deal with former WesCorp CFO wraps up cases against former officers of collapsed corporate.
Most credit union leaders decline comment on order against failed corporate leaders but some criticism emerges.
Two former CEOs have been banned from working again for corporates but are allowed to work elsewhere in the industry.
The NCUA served 18 former executives and directors of U.S. Central with demand letters, alleging their breach of fiduciary duty contributed to the conserved corporate's losses.
The NCUA announced today it has served 18 former U.S. Central FCU directors and officers with demand letters, alleging their breach of fiduciary duty contributed to the failed corporate's losses.
Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.
An NCUA Feb. 25 online posting mistake revealed previously confidential negotiations between disposed U.S. Central FCU Executive Vice President David Dickens, U.S. Central and the regulator.
According to documents posted on the NCUA's Web site (www.ncua.gov), since removed, U.S. Central FCU withheld former executive Dave Dickens' severance during an investigation into whether his actions could have allowed him to be fired "with cause."
Communication between former U.S. Central FCU executive Dave Dickens' legal firm and the NCUA said the NCUA reneged on U.S. Central's pre-conservatorship severance offer to Dickens.