Former IndyMac Execs Win Initial Nod On 2 Settlements

Law360, Los Angeles (August 10, 2012, 5:35 PM EDT) -- A California federal judge on Friday preliminarily approved settlements totaling $11.5 million in twin securities class actions accusing former IndyMac Bancorp. Inc. CEO Michael W. Perry and another executive of lying about the mortgage lender's underwriting practices and deteriorating financial position.

U.S. District Judge George H. Wu granted preliminary approval to a $5.5 million settlement in a securities class action against Perry on behalf of all who purchased IndyMac stock between March 1, 2006, and March 1, 2007, along with a $6.5 million settlement in another...
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