Judge Trims SEC Suit Against Ex-IndyMac Execs

Law360, Los Angeles (May 21, 2012, 6:43 PM EDT) -- A California federal judge on Monday trimmed the U.S. Securities and Exchange Commission's lawsuit against former IndyMac Bancorp Inc. CEO Michael W. Perry and former Chief Financial Officer A. Scott Keys, who regulators allege misled investors about the mortgage lender's deteriorating financial condition.

U.S. District Judge Manuel L. Real significantly narrowed the scope of the SEC's complaint, tossing out five of the seven allegedly misleading regulatory filings at issue in the lawsuit. Additionally, the court nixed the SEC's request for disgorgement of profits allegedly made through...
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