Judge Seeks More Info On $7M IndyMac ERISA Deal

Law360, New York (June 29, 2010, 1:09 PM EDT) -- A federal judge has rejected a proposed $7 million settlement in consolidated litigation filed by participants in IndyMac Bank FSB's retirement plan, saying he needs more information on the background of the settlement before he can approve it.

Judge Dean D. Pregerson of the U.S. District Court for the Central District of California denied the parties' joint motion for preliminary approval of the settlement Monday.

James Keenley of Lewis Feinberg Lee Renaker & Jackson PC, who represents the plaintiffs in the matter, said the judge had...
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