Two "unusual expenses" are preventing executives from projecting year-end numbers, Chief Financial Officer Jim Hayes told members yesterday in Western Corporate Federal Credit Union's monthly financial Webcast.
WesCorp discontinued its defined benefit plan as of Nov. 1, and may expense $14 million related to the plan this year, he said.
Additionally, WesCorp will expense $500,000 to cover potential legal costs associated with the negligence and breach of a fiduciary duty lawsuit filed against current and former WesCorp employees and volunteers, Hayes said.
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