$169 Million Verdict in Federal Deposit Insurance Corp. v. Van Dellen, et al.
Patrick Richard led a discussion regarding the $169 million verdict in Federal Deposit Insurance Corp. v. Van Dellen, et al. at the San Francisco Bank Attorneys' Association Luncheon on July 1, 2013.
Patrick was trial counsel for the FDIC in a month-long professional liability trial arising out of the failure of IndyMac Bank. The claims of negligence and breaches of fiduciary duty against former officers of the Bank centered on loan approvals related to large real estate developer loans. The 9-person jury returned a unanimous verdict on December 7, 2012 on all claims, awarding damages of nearly $169 million. The National Law Journal ranked the verdict as number 13 in its annual national "Top Verdicts" list. The verdict was also recognized by the Daily Journal in 2012 as having the most significant impact of any plaintiff's verdict in California and for being the second largest dollar verdict in the state.