Attorneys for Todd Lane, former chief financial officer of WesCorp, have filed for dismissal of the charges the NCUA has brought against him in its amended lawsuit.
A hearing is set for Dec. 20 at 8:30 am in the U.S. District Court Central District of California, Western Division. Judge George H. Wu will preside.
According to the filing by attorneys from Chapin Fitzgerald Sullivan LLP on behalf of Lane, the NCUA in its filings made no specific allegations against the former WesCorp CFO explaining how Lane was in breach of fiduciary duty or how it led to WesCorp's billion-dollar losses. "There is not a single allegation that Mr. Lane had the responsibility for concentration limits, that he played a role in setting them, or even that he had the authority to weigh in on them," the memorandum in support of the motion to dismiss stated. It added that the other three alleged breaches involve strategic business decisions for which officers cannot be liable nor did the NCUA outline Lane's role or responsibility in them.
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