Not so fast when it comes to dismissing complaints against Western Corporate Federal Credit Union's outside directors–that is the gist of yesterday's filing by NCUA in the continuing case of NCUA v. Siravo, et. al.
In late December presiding Judge George Wu had, in a draft decision, indicated his intention to dismiss complaints against WesCorp's outside directors, including CUNA head Bill Cheney. The judge appeared to root his decision in the facts that the outside directors were not compensated for their service and did not personally profit.
NCUA, in its 20 page filing, claims the outside directors ignored red flags, breached their duties, and did not adequately perform their jobs.
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