NCUA Settles With Todd Lane in WesCorp Suit

January 4, 2013 by Credit Union Times

According to court documents filed in U.S. District Court, the NCUA has settled with former Western Corporate FCU Chief Financial Officer Todd Lane.

The confidential deal with the last remaining WesCorp defendant is subject to approval by the NCUA Board and general counsel, according to civil minutes filed in California’s Central District.

Records of the settlement will be sealed per court orders. The NCUA already has issued prohibition or cease and desist orders against former WesCorp employees Bob Burrell, Tim Sidely, Bob Siravo and Tom Swedberg, as well as former U.S. Central FCU CEO Francis Lee and former Members United Corporate FCU CEO Joe Herbst, but no such order is listed for Lane.

Lane, who is currently chief financial officer at the $1.7 billion California Coast Credit Union in San Diego, did not return a call requesting comment. The NCUA did not respond to a request for comment.