2012-12-10 — businessweek.com
Three former IndyMac Bancorp Inc. executives must pay $169 million in damages to federal regulators for making negligent loans to homebuilders as the real estate market was deteriorating, a jury decided.
The federal court jury in Los Angeles issued the verdict against Scott Van Dellen, the former chief executive officer of IndyMac's Homebuilder Division; Richard Koon, the unit's former chief lending officer; and Kenneth Shellem, the former chief credit officer. Jurors yesterday found them liable for negligence and breach of fiduciary duty.
The agency said the executives made loans to homebuilders that weren't creditworthy or didn't provide sufficient collateral.
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