Stuart Perlitsh, president/CEO of the $338 million Glendale Area Schools Federal Credit Union, called foul on WesCorp President/CEO Phil Perkins' recent criticism of credit unions suing current and former WesCorp employees and volunteers.

Perkins commented on the suit during Wednesday's member Webcast, saying because WesCorp operates on an NCUSIF-guaranteed retained deficit, any insurance costs or damages suffered by the bankrupt corporate would come out of the pockets of federally insured credit unions.

Perlitsh's GASFCU is one of the suit's seven plaintiffs. The Southern California CEO called Perkins' comments "classic misdirection," saying WesCorp officials called out plaintiffs in an attempt to "divert attention away from the lawsuit's valid complaints" of negligence and breach of fiduciary duty.

"Let me be clear," Perlitsh said. "The $500,000 expense is chump change relative to the $2 billion in natural person credit union capital that has been depleted."

Perkins and "his NCUA handlers" would instead be better served "coming completely clean about what transpired at WesCorp," Perlitsh said, including owning up to the regulator's mistakes.