Search
 

NCUA Disputes Affirmative Defense

Legal fireworks continue to explode in the Los Angeles courtroom of Judge George H. Wu as the onetime top officers of WesCorp and the NCUA wrangle over the extent to which the regulators monitoring of the actions of WesCorp officials can be used as an excuse that saves them from...

By Robert McGarvey | Updated on January 16, 2012

Legal fireworks continue to explode in the Los Angeles courtroom of Judge George H. Wu as the onetime top officers of WesCorp and the NCUA wrangle over the extent to which the regulator’s monitoring of the actions of WesCorp officials can be used as an excuse that saves them from blame.

On the one side, defendants Robert Siravo, Todd Lane, Robert Burrell and others. allege that they cannot be blamed for billions in investments in mortgage-backed securities precisely because the NCUA, by virtue of its onsite monitors at WesCorp, knew at every step exactly what WesCorp was buying. The essence of the defendants’ claim is that that knowledge represented a kind of tacit approval.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.