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Suit: WesCorp's Borrow Short, Invest Long Strategy Was Negligence

By Heather Anderson

Defendants in a suit charging negligence and fiduciary breach began to change Western Corporate Federal Credit Union's investment focus in or around 2003 when they invested in more mortgage- and asset-backed securities, plaintiffs claim.

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Perlitsh Comments on WesCorp Suit

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First CU Kicks Off $50 Million Loan Blitz

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November 24, 2009

CU Leader Goes to the Roof for Her Causes

Long-time credit union and development organizer Carol Schillios recently raised roughly $92,000 for her work in Africa- by spending 113 nights on the roof of a building in Edmonds, Wash., according to The Seattle Times.

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November 24, 2009

WesCorp Suit Alleges Negligence, Breach of Fiduciary Duty

Seven mid-sized credit unions filed a negligence and breach of fiduciary duty suit in Los Angeles County Superior Court against officers and directors of failed $18 billion Western Corporate Federal Credit Union.

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November 24, 2009

GE Capital Fleet, CUDL to Help CUs With Repossessed Assets

To help credit unions remarket their repossessed assets, auto lending CUSO CUDL and GE Capital Fleet Services have inked a deal to make it happen.

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November 24, 2009

Mich. CU Shows Spirit of Giving

It pays to do give back. For the past 100 days Co-op Services Credit Union has been sparking the giving spirit in Southeast Michigan.

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November 24, 2009

New Orleans CU Rolls Out Payday Alternative

The $98 million Greater New Orleans Federal Credit Union has announced the roll out of a program designed to help members avoid having to use payday lenders.

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November 24, 2009

SELCO Awards $23K to Area Schools

SELCO Community Credit Union has awarded 95 grants of up to $250 each for a total of $23,037 to help teachers supplement funding to K-12 classrooms.

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November 24, 2009

Fort Hood Donations Top $17,000

Credit union donations supporting families of the victims of the Nov. 5 shooting at Fort Hood, Tex., have now climbed past $17,000, the Texas Credit Union League reported.

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Top News Stories

Suit: WesCorp's Borrow Short, Invest Long Strategy Was Negligence

Perlitsh Comments on WesCorp Suit

First CU Kicks Off $50 Million Loan Blitz

Recommended Just For You

News Stories

CU Leader Goes to the Roof for Her Causes

WesCorp Suit Alleges Negligence, Breach of Fiduciary Duty

GE Capital Fleet, CUDL to Help CUs With Repossessed Assets

Mich. CU Shows Spirit of Giving

New Orleans CU Rolls Out Payday Alternative

SELCO Awards $23K to Area Schools

Fort Hood Donations Top $17,000