Ex-IndyMac CEO Asks 9th Circ. To Reverse $80M Ruling
By Evan Weinberger
Law360, New York (August 9, 2013, 4:56 PM ET) -- IndyMac Bancorp. Inc.'s former chairman and chief executive on Thursday told the Ninth Circuit that a federal district court misinterpreted the terms of $80 million in directors & officers policy in allowing insurance companies to avoid covering the costs of litigation launched by federal securities regulators.
In a brief filed before the Ninth Circuit, Michael Perry argued that the lower court was incorrect when it found that insurers are not required to cover the cost settling litigation launched by the U.S. Securities and Exchange Commission related...