FDIC Notches $169M Judgment Against 3 Ex-IndyMac Execs
Nossaman Partner David Graeler is quoted in the Law360 article "FDIC Notches $169M Judgment Against 3 Ex-IndyMac Execs." The article names Mr. Graeler, along with Nossaman Partner Patrick Richard and Associate Nicholas V. Dolja, as members of the trial team who assisted the FDIC in winning a $169 million judgment against three former IndyMac Bancorp Inc. executives for negligently approving dozens of bad commercial loans.
The verdict against former IndyMac Homebuilder Division CEO Scott Van Dellen, Chief Lending Officer Richard Koon and Chief Credit Officer Kenneth Shellem awarded the FDIC all of the damages it had sought. Mr. Long explained to Law360 that "the awards against Koon and Shellem were smaller because they approved fewer loans."
"We are grateful to the jury for delivering a verdict that sends a strong message on the care and prudence we should all expect from bankers in our country," Mr. Graeler states in the article. He continues, "Loans to borrowers that assume a perpetual rising market for repayment are inherently risky and unreasonable. The jury's verdict lets bankers know that they may be held accountable for taking unreasonable risks with our federally insured deposits."