Former WesCorp Chief Financial Officer Todd Lane and his legal team have asked U.S. District Judge George Wu's Los Angeles federal court to drop WestCorp's case against him, pay his legal fees and award him damages, according to legal documents filed Apr. 4. Lane also demanded a jury trial.
He made the requests in an amended counterclaim to an amended complaint by the NCUA in the case arising from WesCorp's 2009 failure, which was caused by investment losses that are responsible for the majority of corporate assessments credit unions now pay to the NCUSIF.
In mid-March, Wu ruled that Lane and his co-defendants–former CEO Robert Siravo, Chief Investment Officer Robert Burrell, Human Resources Director Thomas Swedberg and Chief Risk Officer Timothy Sidley–should be treated as WesCorp creditors and must submit claims for payment to the NCUA only after their case with the agency is completed.
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