In a dense, 23-page preliminary decision Judge George H. Wu has handed out holiday cheer to former directors of Western Corporate Federal Credit Union, according to experts who have studied the decision distributed to involved parties on Monday.
The news was stormier for former officers of WesCorp.
The litigation, filed by NCUA against 16 former directors and officers, including onetime WesCorp chief executive Robert Siravo and current CUNA head Bill Cheney, who had served on the WesCorp board, is said to mirror litigation filed by the Federal Deposit Insurance Corp. against former executives and board members of the failed IndyMac Bancorp.
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