Investors in mortgage-backed securities issued by IndyMac Bancorp Inc. have settled their claims against the bank’s underwriters. But the IndyMac litigation lives on at the U.S. Supreme Court—with important implications for the time limits that govern securities class actions.
In a motion filed on Thursday in U.S. district court in Manhattan, lawyers for a class of IndyMac investors unveiled a $340 million settlement with underwriters including Credit Suisse AG, Morgan Stanley & Co. and Deutsche Bank AG. The proposed deal resolves claims that the underwriters duped pension funds and other large investors into investing in about 50 MBS trusts sponsored by IndyMac before its collapse.
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