U.S. Jury Returns Verdict Against Ex-IndyMac Executives
Nossaman Partners Patrick Richard and Tom Long were quoted in the Metropolitan News-Enterprise article "U.S. Jury Returns Verdict Against Ex-IndyMac Executives" regarding a federal jury award of $168 million to the Federal Deposit Insurance Corporation in its case against three former executives of defunct IndyMac Bank. The article noted that Nossaman, including Mr. Richard, Mr. Long, and Nossaman Partner David Graeler, has been working with the FDIC on the case since 2009.
Mr. Richard said that the fundamental issue was "what kind of bankers do we want in this country?" He continued, "The defendants tried to blame bank regulators and the economy, but the jury got it right," he said, noting that the amount of the award was almost exactly what FDIC had sought.
Mr. Long was quoted as saying that the verdict would "bring accountability to bankers who are not careful with funds that you and I and everyone else place on deposits with banks."