Attorneys for CUNA President/CEO Bill Cheney and other former WesCorp directors and one former executive asked a judge to dismiss NCUA’s lawsuit alleging a breach of fiduciary duty and negligence.

The motion alleges that the decisions made about WesCorp were exempt from a lawsuit by a California statute that insulates the content and result of business decisions from judicial review if the process was rational. It also alleges that the NCUA doesn’t provide evidence that the investments were made in a grossly negligent manner. In addition, the respondents contend that the NCUA lawsuit was filed after the statute of limitations had expired.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.