IndyMac Leaders to Settle Class-Action Suit

Leaders of the failed IndyMac Bancorp which was headquarted in Pasadena have agreed to settle a class-action lawsuit for $6 Million according to a report from the Associated Press.
Michael W. Perry, the former CEO of the Pasadena-based bank, and Scott Keys, the former chief financial officer, are named as co- defendants.
IndyMac collapsed in July 2008, and the Federal Deposit Insurance Corp. took over the mortgage lender in a flurry of failed banking businesses. IndyMac was one of the largest mortgage originators in the United States, and its collapse was indeed one of the biggest bank failures in U.S. history.
Massive protests outside IndyMac banks drew public attention to the thousnads who lost their life’s savings four years ago.
The payment will be made in exchange for a dismissal of the claims against the defendant, according to federal court papers filed last week.

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