IndyMac Execs Say FDIC Lost Crucial Docs In Seizure

Law360, New York (November 23, 2011, 1:33 PM EST) -- Two former IndyMac Bancorp Inc. executives being sued by the Federal Deposit Insurance Corp. over their role in the bank's downfall fought back Nov. 21 with a sanctions motion saying the agency botched IndyMac's seizure by failing to safeguard important records.

Richard Koon and Kenneth Shellem say the lost records are necessary to their defense against the suit, the first professional liability case the FDIC filed in the wake of the credit crisis, which saw more than 350 banks shuttered and the agency hit with $75...
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