Nossaman Scores $169 Million Verdict in FDIC's Case Against IndyMac Execs
Nossaman Partner Tom Long is quoted in the AmLaw Litigation Daily article "Nossaman Scores $169 Million Verdict in FDIC's Case Against IndyMac Execs." The article names Mr. Long, along with Nossaman Partners Patrick Richard and David Graeler, as members of the trial team who represented the FDIC in the 16-day trial against former IndyMac Homebuilders division president Scott Van Dellen, ex-chief lending officer Richard Koon, and former chief compliance officer Kenneth Shellem. The three were accused of pushing risky loans without regard for the declining housing market in order to meet production goals and win bonuses. A jury found them guilty and ordered them to pay the FDIC $168.8 million.
Mr. Long's quote in the article states, "We were pleased that the jury was able to sift through a lot of complicated facts and hold the bankers accountable for loans that were quite careless." He continues, "The bankers had ample warning of the economic uncertainty ahead and made loans that had inadequate features to assure repayment."
The article notes that the verdict is a big win for Nossaman and for the FDIC.