Former IndyMac Execs Reach $6M Settlement Over MBS Claims

Law360, New York (August 1, 2012, 7:46 PM EDT) -- The lead pension funds in a class action accusing a host of banks and several others of failing to disclose risks inherent in mortgage-backed securities issued by IndyMac Bank told a New York federal court Tuesday they had reached a tentative $6 million partial settlement with five former executives of the failed bank.

After months of negotiations, former IndyMac Chief Financial Officer S. Blair Abernathy and four other former executives of the bank reached the agreement, which includes attorneys' fees, according to the plaintiffs’ amended motion...
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