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Jury Sides With FDIC in Lawsuit against Former IndyMac Execs

Executives ordered to pay $169 million

Dec. 8, 2012

In one of the first lawsuits filed on behalf of failed banks against more than 300 former executives, a jury has ordered former IndyMac Bank, F.S.B., executives to pay nearly $170 million. The case involved executives at a construction lending unit.

A federal jury ruled that Scott Van Dellen, Richard Koon and Kenneth Shellem must pay the Federal Deposit Insurance Corp. $169 million for their respective roles in the July 2008 failure of IndyMac. While initial lost estimates were between $4 billion and $8 billion, losses to the Deposit Insurance Fund reached $13 billion to make it the costliest bank failures ever.

The FDIC's victory follows the Sept. 27 settlement in the Securities and Exchange Commission's federal lawsuit against former IndyMac executives Michael W. Perry and A. Scott Keys after a judge tossed out nearly the entire SEC lawsuit. Perry subsequently settled the single remaining negligence claim for $80,000. An FDIC lawsuit against Perry is still pending.

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Lawsuits Seek $2 Bil from Execs of Failed Banks
A wave of civil lawsuits targeting dozens of former executives and directors of failed banks has already begun. In all, the government hopes to recover $2 billion.
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