IndyMac's Ex-CEO Settles for $1 Million, Denies Liability for Lender's Collapse

, The Litigation Daily


A week after winning a $169 million jury verdict in a case against three former IndyMac executives, the FDIC reached a settlement on Friday with Michael Perry, the failed mortgage lender's ex-CEO. In the settlement, Perry denies any liability for the problems that sank the mortgage lender, but agrees to pay $1 million to the FDIC, which also intends to recover another $11 million through the director and officer insurance policies that covered Perry.

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