Former IndyMac Heads to Pay Shareholders $6.5M Settlement
The leaders of IndyMac Bancorp have agreed to pay $6.5 million to settle a shareholder class-action lawsuit connected to the collapse of the mortgage lender in July 2008.
IndyMac was one of the largest mortgage originators in the United States, and its collapse marked one of the biggest bank failures in U.S. history. The Federal Deposit Insurance Corp. took over the Pasadena, Calif.-based company after its collapse.
The shareholders’ motion for preliminary approval, filed July 2 in the U.S. District Court for the Central District of California, calls the proposed settlement “a reasonable resolution” to the case, as it eliminates the chance that shareholders would recover nothing.
In the lawsuit, shareholders accused IndyMac officials of making statements that concealed the true extent of the company’s deteriorating financial situation, as well as its growing exposure to regulatory action. The settlement amount is to be paid in exchange for the dismissal of such claims.
Source: "IndyMac Leaders Agree to Settle Shareholder Class-Action Litigation for $6.5 Million," Washington Post (June 8, 2012).
Anna Rogers is a member of an award winning team at Exit Realty SCV, one of the areas fastest growing real estate firms in the Santa Clarita Valley. Working with both buyers and sellers in the Santa Clarita, San Fernando Valley’s and surrounding areas, I will work tirelessly to ensure all your real estate needs are met. I look forward to talking with you and helping your home buying and selling be a smooth transaction.
Anna Rogers
818.688.1882
www.buyandsellscvhomes.com
annarogersre@gmail.com
IndyMac was one of the largest mortgage originators in the United States, and its collapse marked one of the biggest bank failures in U.S. history. The Federal Deposit Insurance Corp. took over the Pasadena, Calif.-based company after its collapse.
The shareholders’ motion for preliminary approval, filed July 2 in the U.S. District Court for the Central District of California, calls the proposed settlement “a reasonable resolution” to the case, as it eliminates the chance that shareholders would recover nothing.
In the lawsuit, shareholders accused IndyMac officials of making statements that concealed the true extent of the company’s deteriorating financial situation, as well as its growing exposure to regulatory action. The settlement amount is to be paid in exchange for the dismissal of such claims.
Source: "IndyMac Leaders Agree to Settle Shareholder Class-Action Litigation for $6.5 Million," Washington Post (June 8, 2012).
Anna Rogers is a member of an award winning team at Exit Realty SCV, one of the areas fastest growing real estate firms in the Santa Clarita Valley. Working with both buyers and sellers in the Santa Clarita, San Fernando Valley’s and surrounding areas, I will work tirelessly to ensure all your real estate needs are met. I look forward to talking with you and helping your home buying and selling be a smooth transaction.
Anna Rogers
818.688.1882
www.buyandsellscvhomes.com
annarogersre@gmail.com
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