FDIC Rests Case Against Bankers
Nossaman Partners Patrick Richard and Tom Long are quoted in the Daily Journal article "FDIC rests case against bankers" about the FDIC's first-ever case against bankers involved in the 2008 housing meltdown coming to a close. Nossaman is representing the FDIC.
The article notes that the FDIC claims that IndyMac executives wrongfully approved 23 loans that were too risky, allegedly causing the federally-insured bank more than $168 million in losses once the market soured.
Mr. Richard is quoted as saying during the trial, "Are we prepared to hold people accountable for their decisions, their actions?" He continues, "What kind of bankers do we want in this country?"
The publication notes that this is the first case of this nature "to go to trial and could give and indication of how juries will view such suits."
Mr. Long is quoted as saying at the end of his arguments, "Was the money lost just by happenstance, or is somebody responsible?" He reminded the jury that "the nation is watching."