FDIC Notches $169M Judgment Against 3 Ex-IndyMac Execs

Law360, New York (December 10, 2012, 5:00 PM EST) -- The Federal Deposit Insurance Corp. scored a big win Friday when a California federal jury handed a $169 million judgment against three former IndyMac Bancorp Inc. executives in a suit accusing them of negligently approving dozens of bad commercial loans.

The verdict — against former IndyMac Homebuilder Division CEO Scott Van Dellen, Chief Lending Officer Richard Koon and Chief Credit Officer Kenneth Shellem — came in a trial that began Nov. 6, and awarded the FDIC all the damages it had sought. The awards against Koon and Shellem were smaller because they approved fewer loans, according to Thomas Long of Nossaman...

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