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In a shareholder class-action lawsuit, former executives of IndyMac Bankcorp agreed to settle for $6.5 million, the ""Associated Press reported"":http://www.businessweek.com/ap/2012-07-08/indymac-leaders-agree-to-settle-class-action-suit Sunday.
Former IndyMac CEO Michael W. Perry and CFO Scott Keys were named as defendants in the suit. The lawsuit accuses the defendants of providing false and misleading statements to hide the financial state of the mortgage lender.
When the bank failed in July 2008, it had $32.01 billion, according to the FDIC. Based on assets as provided by the FDIC, the failure of the Pasadena-based bank is the fifth largest in the U.S.
