IndyMac Insurers Fight Coverage For $355M Theft

Law360, New York (August 18, 2011, 1:26 PM EDT) -- A group of insurers fired back Tuesday at the bankruptcy trustee for IndyMac Bancorp Inc., seeking to dismiss his claims that they owe insurance payouts for the executives who allegedly helped steal $355 million from the bank.

Chapter 11 trustee Alfred H. Siegel filed the adversary suit in February seeking a determination of the coverage the insurers owe in relation to an earlier suit he filed against IndyMac’s individual directors over the alleged misappropriation.

According to the order, IndyMac’s insurers provided two categories of director and...
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