FDIC’s Historic $169 Million IndyMac Verdict
Patrick Richard, Tom Long, and David Graeler participated in the Association of Business Trial Lawyers (ABTL) April reception and dinner to discuss the historic FDIC as Receiver for IndyMac Bank v. Van Dellen verdict. They shared nsights on the trial, from preparation, to cross examination, and closing arguments.
About the Case
The lawsuit, which was filed in 2010, sought to recover damages from three former officers of IndyMac's Homebuilder Division, alleging that the executives were negligent and breached their fiduciary duties by approving homebuilder loans with questionable repayment sources in violation of bank policies, and issuing them to borrowers who were not creditworthy or were in financial distress. During the 17-day jury trial, Nossaman successfully presented the essential details of 23 separate, complicated multimillion dollar development loans and persuaded the jury that the approval of those loans fell below the standard of care for safe and sound banking.
This program was also presented in Los Angeles on December 3rd.