Ex-IndyMac Officers Agree To $6.5M Settlement

Posted by Orb Staff on July 09, 2012 No Comments
Categories : Residential Mortgage

11936_lawsuit Ex-IndyMac Officers Agree To $6.5M Settlement Several former executives of Pasadena, Calif.-based IndyMac Bancorp have agreed to settle a $6.5 million shareholder class-action lawsuit.

The Associated Press reports that former IndyMac CEO Michael W. Perry and Chief Financial Officer Scott Keys are the defendants in the settlement. The $6.5 million payment will be made in exchange for a dismissal of shareholder claims.

IndyMac's collapse in July 2008 was one of the largest bank failures in U.S. history. The lawsuit against the former bank executives accused them of concealing the depth of IndyMac's capital and liquidity problems, as well as its growing exposure to regulatory action.

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