SAN DIMAS, Calif. — A group of seven natural-person credit unions filed suit against the former management and directors of WesCorp FCU in state court last week over the failure of the one-time $32-billion corporate.

The suit claims the corporate and RiskSpan, WesCorp's third-party risk management firm, were negligent in their day-to-day operations and violated fiduciary responsibilities to the membership by heavily investing in mortgage-backed securities, which eventually crippled its portfolio and led to conservatorship by NCUA in March.

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