The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint today in U.S. District Court that alleges more serious charges than those originally filed.
The suit still includes original charges of breach of fiduciary duties and negligence allegedly committed by former executives Robert Siravo, Robert Burrell and Timothy Sidley, and former directors Robert H. Harvey, Jr., James Jordan, Timothy Kramer, Robin Lentz, John Merlo, Gordon Dames, William Cheney, Warren Nakamura, Brian Osberg, David Rhamy and Sharon Updike. Former Chief Financial Officer Todd Lane, not originally served, joined the defendants list.
Defendants allegedly failed to impose prudent concentration limits on private-label, mortgage-backed securities, particularly option ARMs. The NCUA seeks damages from the above defendants in excess of $1 billion.
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