IndyMac Suit Against D&O Insurers, Directors Tossed
By Rachel Slajda (September 8, 2011, 1:29 PM EDT) -- A California federal judge on Wednesday tossed the rest of IndyMac Bancorp Inc.'s case against several insurers and former directors, which sought coverage in underlying suits over its mortgage-backed securities, two weeks after dismissing the bulk of the claims as unripe.
U.S. District Judge R. Gary Klausner ruled that IndyMac failed to show why he shouldn't throw out the rest of the case. He said the bank can bring the suit again once the claims are ripe, after the underlying cases are resolved.
IndyMac, a bankrupt California bank under federal receivership, had sued a dozen insurers over $160 million in directors...
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