Ex-IndyMac CEO Puts Up $5.5M To Exit Stock Drop Suit

Law360, New York (June 26, 2012, 9:16 PM ET) -- The former CEO of failed mortgage lender IndyMac Bancorp Inc. on Tuesday agreed to pay $5.5 million to resolve claims by a class of shareholders who had accused him of misleading them about the bank's financial health during the run-up to the 2007 housing bust.

Michael Perry will pay the settlement amount to resolve the five-year litigation with the shareholders, according to their proposed settlement notice filed in California federal court. If approved, the settlement would end litigation by this class of shareholders, who had bought...
To view the full article, register now.