LOS ANGELES – Lawyers for NCUA failed to reach a settlement last week with representatives for Todd Lane, the former chief financial officer at WesCorp FCU, but talks will continue towards a deal.

Though no settlement was reached, both sides are continuing to discuss settlement under court supervision, and it is expected that a further settlement conference will be scheduled, according to court filings.

Lane is one of two hold-outs, along with former CEO Bob Siravo, in the civil negligence suit brought by NCUA in the 2009 collapse of the one-time $34 billion corporate credit union. Three other former WesCorp executives have settled with NCUA over the charges, including former Chief Investment Officer Bob Burrell; former Chief Risk Officer Timothy Sidley and former Human Resources Director Thomas Swedberg.

Lane, now CFO at California Coast CU, was present at last week’s settlement negotiations with his Los Angeles lawyer Kenneth Fitzgerald.

NCUA was represented by its outside counsel Michael Bierman and Jon Canerday, the agency trial attorney.


Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.