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Government

Dec. 18, 2012

Former IndyMac CEO settles FDIC civil claim, will leave financial industry

Michael W. Perry, the former CEO of now-defunct IndyMac Bank FSB, has agreed to leave the financial industry permanently and pay $1 million to settle the FDIC's civil claim accusing him of negligence. The suit sought $600 million.


By Ben Adlin


Daily Journal Staff Writer


LOS ANGELES - The head of the first bank to collapse during the 2008 recession has agreed to permanently leave the financial industry.


Michael W. Perry, former CEO of IndyMac Bank FSB, agreed to quit banking as part of a $12 million settlement agreement with the FDIC, which last year accused him of negligence for failing to limit the bank's production of more than $10 billion in risky residential loa...

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