U.S. District Judge George H. Wu has ruled as he had hinted he would all along in NCUA v Siravo, et. al., thelegal battle over the collapseof WesCorp.
|In a terse statement dated Monday, Wu wrote that “For reasonsstated on the record, Defendant Directors' Motion to Dismiss SecondAmended Complaint is granted.”
|Included in the roster of former and current credit unionexecutives involved in the ruling are CUNA's Bill Cheney, RobertHarvey (CEO of Seattle Metropolitan Credit Union), James Jordan(CEO of Schools Financial CU), Timothy Kramer (CEO of KeyPoint CU),Robin Lentz (CEO of Cabrillo CU), John Merlo (CEO of PremierAmerica CU), Gordon Dames (former CEO of Mountain America CU),Warren Nakamara (CEO of Honolulu Federal CU), Brian Osberg (CEO ofPotelco United CU), David Rhamy (former CEO of Silver State SchoolsCU) and Sharon Updike (CEO of Eagle Community Credit Union).
|Wu, however, denied motions to dismiss somecharges against former WesCorp officers, namely Robert A.Siravo (WesCorp's former president/CEO), Todd M. Lane (former chieffinancial officer), Thomas E. Swedberg (former vice president).
|Wu set a scheduling conference for Aug. 25, 2011, an indicationthat the cases against the officers will proceed to trial.
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