Fox Business - The Power to Prosper
Search Site

IndyMac Bank

IndyMac CEO settles FDIC financial crisis case

Former IndyMac Chief Executive Michael Perry agreed on Friday to settle a lawsuit filed by the Federal Deposit Insurance Corp that stemmed from the collapse of the bank during the financial crisis, the FDIC said.The FDIC had alleged Perry "negligently" allowed the production of a pool of more than $10 billion in "risky" residential loans.Under the terms of the settlement, FDIC spokesman Andrew Gray said it will recover $1 million in Perry's personal assets and bar Perry from the banking industry.The collapse of the California-based bank cost the FDIC, which stands behind bank deposits, an estimated $12.8 billion. The bank was seized by regulators in July 2008.The FDIC will also recover up to $11 million in insurance policy money.In a statement, Perry's defense lawyers at Covington and Burling said their client has "steadfastly denied the allegation" he was negligent and "continues to deny liability as part of the settlement."They added that the FDIC had "extracted" the industry bar fro...

Read More

  1. FOXBusiness.com LIVE: Did the Fed Help?

    03/23/09

  2. The Socialist View

    Socialists on Economy

  3. Driving Tax vs. Gas Tax

    Big Brother Following You

  4. Bair on FDIC's Actions

    FDIC's unprecedented actions.

  1. Former IndyMac officers found liable for $168 million in negligent loans

    Three former officers of IndyMac Bank FSB's homebuilder division were found liable by a jury on Friday for more than $168 million for negligently lending to develope...

  2. Special report: Banks continue robo-signing

    By Scott PaltrowNEW YORK/IMMOKALEE, Florida (Reuters) - America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a brui...

  3. Reports: NYSE Board to Meet on Deutsche Boerse Deal

    FBN's Robert Gray on the potential merger between NYSE and Deutsche Boerse.

  4. Goldman Lowers Earnings Estimates Due to SEC Case

    FBN's Charlie Gasparino weighs in on the impact of the SEC settlement over Goldman's earnings estimates.

  5. Banking Sector Gets Progress Report

    American Banker's Joseph Adler and Steven Hagenbuckle of Terracap Partners on the FDIC's bank report.

  6. Private Equity the Answer to Failing Banks?

    Jerry Comizio, partner at Paul Hastings, on how the FDIC can get private equity firms to invest in failed banks.

  7. How to Restructure Automakers

    Lindland on the future of the auto industry.

Freebase CC-BY
Source: IndyMac Bank on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL