Investors Win Class Cert. In IndyMac Securities Suit

Law360, New York (November 16, 2011, 4:25 PM EST) -- A California federal judge granted class certification Tuesday to the plaintiffs in a securities suit alleging IndyMac Financial Inc. and former CEO Michael W. Perry made misrepresentations to shareholders about the defunct mortgage lender's financial status.

U.S. District Judge George H. Wu granted lead plaintiff Sven Mossberg's motion for class certification following the February 2010 filing of a sixth amended complaint on behalf of all buyers of IndyMac common stock between March 2006 and March 2007.

The suit claims that Perry and the company violated the...
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