IndyMac CEO Can't Dodge $600M FDIC Negligence Suit

Law360, New York (December 14, 2011, 4:14 PM EST) -- A California federal judge on Tuesday refused to dismiss a $600 million Federal Deposit Insurance Corp. suit alleging that the former CEO of failed IndyMac Bank FSB negligently oversaw the production of more than $10 billion in risky residential loans.

Michael Perry, the former head of the bank, had argued that the case should be dismissed because he was protected by the business judgment rule, but U.S. District Judge Otis D. Wright II said the rule does not apply in California to corporate officers, only directors....
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Case Information

Case Title

Federal Deposit Insurance Corporation v. Michael Perry


Case Number

2:11-cv-05561

Court

California Central

Nature of Suit

Banks and Banking

Judge

Otis D. Wright, II

Date Filed

July 6, 2011

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