IndyMac Ex-CEO Loses Bid To Toss Securities Action

Law360, New York (December 15, 2009, 5:43 PM EST) -- Former IndyMac Bancorp Inc. CEO Michael W. Perry has lost his bid to toss a putative securities class action accusing him of issuing numerous false and misleading statements about the defunct mortgage lender's financial status from 2006 to 2007.

Judge George H. Wu of the U.S. District Court for the Central District of California on Friday rejected Perry's argument that the shareholders' fifth amended complaint failed to plead loss causation or to show that the alleged misstatements were material when made.

While Perry claimed that his...
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