Now you have it, now you do not. Puzzlement has percolated on the part of some in the industry over the insistence by the NCUA that indemnification and coverage of legal fees incurred by the onetime WesCorp officers it is suing are not owed. That is, the defendants (now down...
Barely three years ago, an entire industry teetered on the brink of financial collapse as four corporate credit unions, US Central, Wescorp, Members United, and Southwest Corporate reported massive losses in their investment portfolios, losses that not only would eradicate their capital but threaten the uninsured shares and daily operations...
Lawyers for Wachovia Capital Markets filed documents in Kansas City Federal Court asking the court to dismiss NCUA’s securities fraud case against the firm now owned by Wells Fargo. Central to Wachovia’s argument is a question that has haunted the NCUA ever since the collapse of U.S. Central FCU: Why...
Filings in suit over U.S. Central losses show bank says corporates knew the risks of investing in mortgage-backed securities.
The 285 credit unions also will get two new seats on the corporate's board.
Former WesCorp Chief Financial Officer Todd Lane and his legal team have asked U.S. District Judge George Wu’s Los Angeles federal court to drop WestCorp's case against him, pay his legal fees and award him damages, according to legal documents filed Apr. 4. Lane also demanded a jury trial.
In new counterclaim, Todd Lane also asks for agency's claims against him to be dropped and for his legal fees to be paid.
California judge says they have to wait until their case is cleared and then can file as creditors of the failed corporate.
Terms of settlement with failed corporate's former chief investment officer, Robert Burrell, were not released.
Agency discounts reports that settlement reached with former WesCorp chief investment officer Robert Burrell.