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Judge rejects part of IndyMac fraud case
Source: Reuters
Judge rejects part of IndyMac fraud case
By Aruna Viswanatha
Mon May 21, 2012 7:38pm EDT
(Reuters) - A federal judge on Monday dismissed parts of a securities fraud case against two top executives of failed mortgage lender IndyMac Bancorp, according to a lawyer for one of the executives.
U.S. District Judge Manuel Real in Los Angeles dismissed claims based on five of seven securities filings at issue in the case, a lawyer for former IndyMac chief executive Michael Perry said.
The ruling substantially narrows the Securities and Exchange Commission's case against Perry and former finance chief Scott Keys ahead of a scheduled June trial.
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The SEC in February 2011 accused Perry and Keys of fraud for concealing the bank's financial condition.
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By Aruna Viswanatha
Mon May 21, 2012 7:38pm EDT
(Reuters) - A federal judge on Monday dismissed parts of a securities fraud case against two top executives of failed mortgage lender IndyMac Bancorp, according to a lawyer for one of the executives.
U.S. District Judge Manuel Real in Los Angeles dismissed claims based on five of seven securities filings at issue in the case, a lawyer for former IndyMac chief executive Michael Perry said.
The ruling substantially narrows the Securities and Exchange Commission's case against Perry and former finance chief Scott Keys ahead of a scheduled June trial.
[font size=1]-snip-[/font]
The SEC in February 2011 accused Perry and Keys of fraud for concealing the bank's financial condition.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2012/05/21/us-sec-indymac-idUSBRE84K1BN20120521
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